Markets

Walmart boosts starting pay, but closes Sam's Clubs, including 2 in NC

Walmart boosts starting pay, but closes Sam's Clubs, including 2 in NC

The company said the change is in addition to wage increases already planned for many us markets in the coming fiscal year.

Previously, Walmart's starting hourly pay was $9 for all part-time employees amd $10 for those who completed a training program.

Walmart is raising its minimum wage and handing out tax cut bonuses because of thanks to the new tax law.

Wal-Mart's announcement follows companies like AT&T Inc, Wells Fargo & Co. and Boeing Co., which have all promised more pay for workers after the Republican-controlled US Congress passed a tax bill that slashed the corporate tax rate to 21 percent from 35 percent.

The one-time bonus between $200 and $1,000 based will be given to Walmart employees that won't receive a pay raise.

The company is also creating a new benefit to assist employees with adoption expenses. Employees are also getting a one-time bonus of up to $1,000.




The retailer said Thursday changes that to its compensation and benefits policy will impact more than a million hourly workers in the US, with the wage increase effective next month. In all, Walmart employs 2.3 million people around the world, 1.5 million of which are in the U.S.

"We are building on investments we've been making in associates, in their wages and skills development", said Doug McMillon, Walmart president and CEO. Hourly workers will be paid between $11 and $24.70 an hour.

"Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the United States". The retailer says it has spent about $2.7bn to increase wages over the past few years.

The one-time bonus will amount to $400m in the current fiscal year and the company will take a one-time charge in the fourth-quarter of the current fiscal year to account for the charge.

Walmart on Thursday promised full-time hourly US employees 10 weeks of paid maternity leave and six weeks of paid parental leave.

Shares of the company were down 0.52 percent at $99.15 in early trade.


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