Wal-Mart to boost starting salaries for hourly workers, provide bonuses

Wal-Mart to boost starting salaries for hourly workers, provide bonuses

Wal-Mart to boost starting salaries for hourly workers, provide bonuses

Notably, the company also said it would raise its minimum wage to $11 an hour. The one-time bonuses result in an additional $400 million investment that Walmart will make in its staff in 2018.

"I think the most important issue is for companies to increase their wages", he said.

Christmas is behind us, but for workers at the nation's largest private employer, the giving season continues.

Beginning in February, the retailer's starting workers will earn $11 an hour-a bump from the current starting wage of $9 an hour, CNBC reported. "It's due to two factors - state-level increases and a tightening labor market". With Wal-Mart's moves, companies are crediting the tax cuts for providing additional pay to more than 2 million workers. And New York, Arizona, Colorado, Maine and OR will all reach that level next year, as efforts at the state level to boost livelihoods have gained steam. "The worry was that Wal-Mart, facing the same kind of wage pressures as Target amid 4.2% unemployment, would have to embark on a new round of pay increases".

Returns and Valuations for Wal-Mart Stores, Inc.

Shares of the company ended up 0.35 percent at $100.02 on Thursday.

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Brevard County's unemployment rate has also plummeted from 6.9 percent in January 2015 to 3.6 percent in September 2017.

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 move follows similar announcements from other U.S. companies offering higher pay and bonuses. One report that 258 of Fortune 500 corporations that were profitable-and therefore taxable-paid an average of 21.2 percent over the eight-year period. In the previous economic uptick, wage growth peaked in December 2006 at 4.2 percent on a year-over-year basis.

"Given these changes, we have an opportunity to accelerate a few pieces of our investment plan", CEO Doug McMillon said in a statement. More stores are slated to be closed in the coming days. Pretax income for the company's 2017 fiscal year ended last January was $22.76 billion.

Along with adding to employee wages, the company is also looking at ways to use the increased tax breaks to pass along savings to customers.

The National Retail Federation (NRF), which strongly backed passage of a lower corporate tax rate and hailed the eventual passage of the legislation, played up higher wages for employees as one of its potential benefits. The company also announced plans to expand maternity and parental leave, to 10 weeks of paid maternity leave and six weeks of paid parental leave and offer financial assistance to associates adopting a child. This ratio also gives some idea of whether you're paying too much for what would be left if the company went bankrupt immediately. At the same time, Target made a commitment to raise its base wage to $15 an hour by the end of 2020.

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