por admin » Jue Ene 11, 2018 8:02 am
Walmart to raise its starting wage to $11, give some employees bonuses following tax bill passage
Lauren Thomas | Courtney Reagan
Published Updated Moments Ago
CNBC.com
Walmart will be increasing its starting wage rate for hourly employees in the U.S. to $11, following the passage of new tax legislation.
The company said it will also expand maternity and parental leave benefits, and provide a one-time cash bonus for eligible employees of as much as $1,000.
Walmart said it's still accessing other "potential additional investments" that could come after the new tax laws.
Walmart employees stock the shelves at a Walmart store in Miami, Florida.
Getty Images
Walmart employees stock the shelves at a Walmart store in Miami, Florida.
Walmart's employees will reap the benefits of the recent tax law changes, as the company raises its starting wage and distributes bonuses to eligible workers.
The big-box retailer announced Thursday it will be increasing its starting wage rate for hourly employees in the U.S. to $11, and expand maternity and parental leave benefits. The retailer also will pay a one-time cash bonus to eligible employees of as much as $1,000.
Currently, Walmart's starting wage is $9 until workers complete a training program. Then, they receive $10.
The company is also creating a new benefit that provides financial assistance to its employees who are looking to adopt a child, giving them as much as $5,000 per child to cover expenses such as adoption agency fees, translation fees and legal costs.
"Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.," CEO Doug McMillon said in a statement.
"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," he added. "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."
Walmart said the changes will benefit the retailer's more than 1 million hourly employees across the country and will take place in February.
The bonuses will be determined on an employee's length of service at the company, Walmart said, and those workers with more than 20 years of experience will qualify to receive $1,000.
Meanwhile, the company said it's still accessing the new tax legislation and how it will benefit Walmart, which could lead to "potential additional investments."
Walmart will share more details when it reports quarterly earnings on Feb. 20.
The news comes after other companies such as Waste Management, Bank of America and JetBlue have made similar announcements, doling out bonuses to employees and citing the passage of tax legislation.