Walmart raises starting wages, handing out bonuses
Walmart raises starting wages, handing out bonuses
MoreCloseclosemoreCustomers shop at a Walmart store in January 2017 in Skokie Illinois
11 January, 2018, 21:23
The retail company said the wage hike to $11 an hour would roll out in February.
Previously, Walmart's starting hourly pay was $9 for all part-time employees amd $10 for those who completed a training program.
President Donald Trump and his fellow Republicans have argued that the corporate tax cut will benefit workers and lead to more investment by USA companies.
In offering the bonuses, Walmart joins companies including American Airlines, AT&T and Bank of America that have announced $1,000 worker payouts following the passage of the Republican tax plan that slashed the corporate tax rate from 35 percent to 21 percent. Those with 20 years of service will get the full $1,000.
The raise will increase the average hourly pay at Walmart for full-time employees from $13.85 to $14.50. Employees are also getting a one-time bonus of up to $1,000.
The pay increase, Walmart's third minimum wage increase since 2015, and bonus will benefit more than one million USA hourly workers, it said.
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The company said the moves that will affect more than a million hourly workers in the USA are tied to recently enacted tax legislation that will save it money.
McMillon said Walmart is in the "early" stages of assessing opportunities from the GOP tax plan, adding "tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S".
Wal-Mart employs about 2.2 million people globally, with more than 1.5 million in the United States and had total global revenue of almost $500 billion previous year.
The retailer has spent about $2.7 billion to increase wages over the past few years. The one-time bonus will amount to $400m in the current fiscal year.
The firm's initial post-tax-reform announcement differs from that of competitor Target Corp., which said Tuesday that it would deploy additional cash flow from the tax law to "long-standing capital deployment priorities, including capital investments, dividends and additional share repurchase".
The company is also giving full-time mothers 10-weeks of paid maternity leave and fathers six-weeks of paid parental leave. Salaried employees will also receive six weeks of paid parental leave.
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