Walmart Raises Its Minimum Wage and Gives Bonuses

12 January, 2018, 06:27 | Author: Shannon Aguilar
  • Walmart giving employees $1000 bonuses, raising minimum wage

"Most of them would have happened without tax reform". That's been great news for some workers. Target had raised its minimum hourly wage to $11 in October, and said it would raise wages to $15 by the end of 2020.

Emeraid Gems earns $11 an hour now after seven years at Walmart. The economy is strong, and the unemployment rate has dipped to 4.1 percent for the third month in a row, the lowest level since 2000.

The company didn't say how many jobs would be cut in all.

President Donald Trump achieved his first major legislative victory December 22 by signing a bill into law that overhauls the tax code.

Here's who is passing some of those savings along to employees. Comcast handed over 100,000 "frontline and non-executive employees" a generous $1,000 Christmas bonus as well.

American hasn't been paying federal income taxes because of substantial losses in the past, but CEO Doug Parker said in a letter to team members that the tax package will give the company a boost down the road. Boeing invested $300 million in "workplace of the future" facilities, infrastructure, and workforce development. The companies say the bonuses they've announced are a way to share some of their bounty with their workers, though in some cases it's a very small percentage of their gains, and are less valuable to employees than permanent pay raises.

The tax changes will save Walmart $2 billion a year, according to estimates from Making Change at Walmart, a campaign run by the United Food and Commercial Workers International Union.

The company is offering a one-time bonus to full and part-time employees based on their length of service, rising to $1000 for employees with 20 years of service.

CEO Brian Moynihan highlighted tax reform in an internal memo announcing the news.

"As you know, the President and Congress have approved a lower business tax rate".

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Walmart employs about 2.2 million people globally, with more than 1.5 million in the United States, and had total global revenue of almost $500 billion past year.

"While pay raises are usually a good thing, this is nothing but another public relations stunt from Walmart to distract from the reality that they are laying off thousands of workers", Parraz said in a statement.

"Not only does Scan & Go save time by letting people skip the register, it also helps make staying on budget easier", the Bentonville, Ark. -based retailer said on its blog.

"Companies may want to attribute it to the tax change, but they might have had to increased wages even in the absence of a big tax change".

Employees will also get bonuses up to $1000 - but only for the longest-serving employees. The company's quarterly revenue was up 4.2% compared to the same quarter last year. sell-side analysts forecast that Wal-Mart Stores, Inc. will post 4.43 earnings per share for the current fiscal year.

With its announcement Thursday, Walmart did not mention the difficulty employers are having finding and retaining workers in the retail industry. The UFCW also works to unionize stores while fighting the company. The last rate hike in Pennsylvania was in 2008, when the state minimum wage rose from $7.15 to $7.25 an hour. Walmart's average hourly wage for full-time USA store employees will increase to around $14.50 an hour from $13.85 an hour.

"Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.", McMillon said.

Walmart also said it would create a new benefit to help with adoption expenses and is expanding its paid parental leave policy. Before, full-time hourly workers received 50 percent of their pay for leave.

"We believe tax reform is good for our USA economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners", CEO Tim Sloan said in a statement.

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