Stefan Mileschin

Google told employees at a virtual all-hands meeting Tuesday that it will not be adjusting workers' pay to match inflation. In other words, Google's rank and file will be effectively earning less, even while the company has thrived, achieving record profits for five consecutive quarters.

According to audio shared with CNBC, CEO Sundar Pichai read a question from his staff concerning the rising cost of just about everything, and the decision by some companies to offset those hardships with commensurate pay raises. The company's vice president of compensation, Frank Wagner, reportedly responded that: “As I mentioned previously in other meetings, when we see price inflation increasing, we also see increases in the cost of labor or market pay rate," and that "those have been higher than in recent past and our compensation budgets have reflected that.”

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