College students looking for those summer internships are in for a surprise when applying at many companies because reports show they are paying out big.
According to CNBC, the COVID-19 pandemic hit teens and college-age students especially hard, with the unemployment rate for 16 to 24-year-olds at 18.5% last summer, about twice as high as the year before.
The Bureau of Labor Statistics states roughly 47% of young people were employed in July 2020, down from 56% a year earlier.
However, many experts say that contrary to the data, there is hope for more paid internships and keeping a close eye on the economic upturn.
“Fortunately, the labor market is seeing signs of recovery, presenting opportunities for workers early in their careers to not only find internships at top companies but also earn a hefty paycheck,” said Amanda Stansell, an economic data scientist at job site Glassdoor.
According to Glassdoor, tech companies are using internships as a pipeline for hiring, which means offering highly competitive salaries. The report also found that interns are making the most at places such as Nvidia, Facebook, and LinkedIn where the median monthly payment is more than $8,000.
“If these salaries were being paid full-time, interns would be bringing home around $100,000 a year, well above the U.S. median salary,” the report read.
Glassdoor has a list of the highest paying internships based on salary reviews reported by interns between March 1, 2020, and Feb. 28, 2021.
“One of the silver linings is that a lot of these internships are still fully remote, which opens up the playing field to students across the country,” Stansell said.