Markets

Walmart to raise wages and give bonuses

Walmart to raise wages and give bonuses

Walmart says it is raising hourly pay to $11 from $9 as a result of the new USA tax law.

Walmart also announced expansion of its paternal and maternity leave policy, providing full-time hourly employees with 6 weeks of paid paternal leave and 10 weeks of paid maternity leave.

AT&T similarly disclosed intentions to invest an additional $1 billion into the U.S.in 2018 and pay a $1,000 bonus to more than 200,000 AT&T US employees.

Walmart announced Thursday that it would boost its starting wage for USA workers to $11 an hour, provide bonuses to certain associates and expand maternity and parental leave.

Parental leave has been another area in which retailers including Target and Ikea have been trying to offer better benefits.

The move, taking minimum pay up from the current $10 an hour after in-house training, is created to help the retailer attract workers at a time when the USA unemployment rate is at 4.1 percent, a 17-year low, making it harder to attract and retain minimum wage employees.

The wage increase will begin February 2018 and will cost $300 million on top of wage hikes that were already planned at the company.

"However", the statement continued, "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".

On the heels of the US tax overhaul, the world's largest retail Walmart (WMT) announced Thursday it plans on sharing the new wealth to its employees.

The retail giant announced Thursday that the wage increase and seniority based bonuses take effect next month. Full-time hourly workers in the United States will be eligible for 10 weeks of paid maternity leave. Large employers also have been under pressure to boost benefits for workers because unemployment rates are at historic lows, allowing job seekers to be pickier.

The change will give full-time hourly workers at Walmart stores the same maternity- and parental-leave benefits as the company's salaried employees. Walmart has about 2.1 million employees, which works out to be an average bonus of about $190. Among other things, economists blame the lack of bargaining power for lower-skill employees, such as retail workers, and the tendency for companies to reward executives and shareholders, rather than workers, when they're flush with cash.

Walmart's wage increases are coming as state and local minimum wages are rising. Factor in the one-off bonuses the company is paying to some staff, at a total cost of $400 million, and the Beast of Bentonville is giving back only around one-third of what it could save in tax. But a company spokesman told AFP the starting wage for all workers now will be at least $11. Company veterans with 20 years will get $1000 dollar bonuses others receive $200 bucks.

The bank said on December 20, 2017 that it would raise the company's minimum wage to $15 an hour, from $13.50.


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