Walmart is giving its workers a huge pay raise and a cash bonus of up to $1,000
REUTERS/Rick Wilking
- Walmart is raising hourly pay from $9 to $11 as a result of recent tax law changes.
- It's also offering employees a one-time cash bonus of up to $1,000, expanded maternity and parental leave benefits, and assistance with adoption expenses.
- The changes will impact more than one million Walmart employees in the US.
Walmart is raising starting wages for hourly employees to $11 and offering a one-time cash bonus of up to $1,000, the company said Thursday.
The retailer is also expanding maternity and parental leave benefits, as well as creating a new benefit to assist with adoption expenses.
Previously, Walmart's starting pay was $9 for all hourly employees, or $10 for those who completed a training program.
The wage and benefit changes will take effect in February and impact more than one million Walmart employees in the US, the company said.
Walmart CEO Doug McMillon said the changes are a direct result of recent tax law changes.
"We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders," McMillon said in a statement. "However, some guiding themes are clear and consistent with how we've been investing - lower prices for customers, better wages and training for associates and investments in the future of our company, including in technology."
"Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the US," he added.
The cash bonus will go to employees that don't benefit from the new wage increases - meaning they are already paid more than $11. It will range from $200 to $1,000 depending on workers' length of employment with Walmart.
The Future of Retail 2018 by the BI Intelligence Research Team.
Get the Slide Deck Now »
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’