Amazon reportedly plans to spend $700 million to retrain a third of its US workforce in new skills

Jeff Bezos, founder of Amazon and Blue Origin speaks during the JFK Space Summit, celebrating the 50th anniversary of the moon landing, at the John F. Kennedy Library in Boston, June 19, 2019.Katherine Taylor | is expected to announce on Thursday it plans to retrain a third of its U.S. workforce — or 100,000 workers — by 2025 to help its employees move into more advanced jobs or find new careers, The Wall Street Journal reported.The retail and tech giant intends to expand its existing training programs and introduce new ones, according to the Journal. The training will be voluntary, and most of the programs are free, the Journal reported.The planned program is among the biggest corporate retraining initiatives ever announced, at a cost of roughly $7,000 per worker, or $700 million, the Journal said.Amazon shares are up 34% this year and are among the top performers in the 5-year run by the S&P 500 to 3,000 from 2,000.Read the complete Journal report here.

Source: CNBC

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