Stripe Employees Take Pay Cut To Work From Low-cost Cities

Payments company Stripe Inc. has seen a spike in employees taking up the firm on its offer to leave high-cost cities, get a $20,000 bonus, but also take a 10% cut to their compensation.

“We saw pretty major uptake,” said John Collison, Stripe’s co-founder and president. “There were a lot of people where they took advantage of all the remote working that was going on last year to be able to move to be closer to their families, to somewhere they wanted to move previously.”

Stripe has long been a pioneer of remote working arrangements, having hired remote engineers as early as 2013 and later opening a fully-remote engineering hub.

In March, the company became the most valuable startup in the U.S. with a $95 billion valuation after receiving $600 million in funding.