Economy

Walmart boost minimum wage to $11, plans bonuses after United States tax cuts

Walmart boost minimum wage to $11, plans bonuses after United States tax cuts

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.

The company added it would also introduce an "adoption benefit" for workers adopting a child.

The big-box store chain, which has more than 1 million US hourly employees, will reap a windfall from the corporate tax rate cut from 35% to 21%.

"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.

"Today, we are building on investments we've been making in associates, in their wages and skills development", says CEO Doug McMillon.

It will also help the retailer attract workers at a time when the USA unemployment rate is low - now 4.1 percent - and so competition for low wage workers is rising.

Walmart said it was still assessing new United States tax rules and "potential additional investments".

More news: Notre Dame will reportedly lose assistant Harry Hiestand to NFL

The wage hike comes after several years of Walmart raising the floor on its hourly pay.

The changes affect more than 1 million hourly associates. The bonuses will pay a larger amount the longer an employee has been working at the company, the statement said. "And I don't think politically it's good to vote against tax cuts".

The new wage increase will take effect in February.

The bonuses will be determined on an employee's length of service at the company, Wal-Mart said, and those workers with more than 20 years of experience will qualify to receive $1,000.

An expanded parental and maternity leave policy, providing full-time hourly associates in the USA with 10 weeks of paid maternity leave and six weeks of paid parental leave.

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


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