Walmart Raises Starting Wages, Handing Out $1K Bonuses
Walmart Raises Starting Wages, Handing Out $1K Bonuses
NATION-WORLD Walmart raises hourly wage to $11 expands benefits
Walmart credited President Trump's tax cut for enabling the new policy
12 January, 2018, 03:30
Wal-Mart, the nation's largest private employer, has fought in recent years to improve its image in the US, as it weathered criticism over its treatment of employees. A company official who spoke on condition of anonymity because he was not authorized to discuss details of the decision publicly said about 10 are being repurposed into e-commerce distribution centers. Wal-Mart said it's "early in the process of assessing potential additional investments" it could make. Wal Mart Stores Inc now has $295.41B valuation.
"After a thorough review of our existing portfolio, we've chose to close a series of clubs and better align our locations with our strategy", the Walmart-owned chain tweeted just after noon.
Wal-Mart Stores Inc. will raise the starting wage rate for all of its US hourly associates to $11, expand maternity and parental leave benefits, and give eligible full- and part-time employees a one-time cash bonus of up to $1,000.
"That assessment will be done not only through the lens of associates, customers and shareholders, but also within Walmart's financial framework of strong, efficient growth, consistent operating discipline and strategic capital allocation", the company stated. "The bump up to $11 per hour starting wage coupled with other bonuses and child care leave should bolster retention and morale even further". This ratio also gives some idea of whether you're paying too much for what would be left if the company went bankrupt immediately.
Walmartraised its minimum wage to $9 an hour in 2015 and the following year offered a $1 rise to those who completed an internal training scheme.
The retail company said the wage hike to $11 an hour would roll out in February. Walmart must pay employees slightly more to meet minimum levels in those three states.
Wal-Mart Stores, Inc. has a one year low of $65.28 and a one year high of $102.35. Rose would like to pay more, but she'd have to raise her prices and fears that would turn away customers.
Overall, most industry experts are applauding Walmart for its actions - what could set a precedent and push other retailers to do more of the same.
The retail giant announced Thursday that the wage increase and seniority based bonuses take effect next month. Pretax income for the company's 2017 fiscal year ended last January was $22.76 billion.
The nation's largest retailer is joining the growing list of companies offering raises, bonuses and benefits to celebrate last month's passage of a sweeping tax overhaul.
Walmart's announcement comes at a time when multiple companies are passing along some of their tax savings from the tax bill signed by President Donald Trump to employees. The retailer has spent about $2.7-billion to increase wages over the past few years.
Full and part-time workers at Walmart, the world's biggest retailer, will receive a bonus of up to $1,000 based on their length of service. Human labor represents a massive portion of Walmart's expenditures, seeing as the company employs 2.3 million people around the globe.
Additionally, the company announced it will grant 10 weeks maternity leave and six weeks paid parental leave to full-time hourly associates, including leave for parents who adopt. As of December, the average pay for full-time workers was $13 an hour.
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