Walmart to bump starting hourly pay up to $11

Walmart to bump starting hourly pay up to $11

Walmart to bump starting hourly pay up to $11

Walmart is raising the hourly wage rate to $11 (£8) on the back of President Donald Trump's tax overhaul.

The changes will benefit their more than 1 million hourly employees as soon as February.

The changes will take effect starting February and affect Walmart's USA workers, and its Sam's Club, supply chain, e-commerce and Home Office hourly associates.

News of Walmart's investment was cheered by supporters of the tax plan, which slashes the USA corporate tax rate from 35 percent to 21 percent and includes other features expected to generate windfall profits for companies.

Walmart employees will soon feel the effects of recent GOP-led tax reforms in the place it matters most: their pockets.

Rival retailer Target Corp raised its minimum wage to $11 in September, and said it would raise its minimum wage to $15 by 2020.

Walmart and Target's new minimum wage levels exceed the state minimum wage in all but three states, according to a research note from financial services firm BTIG.

Walmart says that this is only the start of its plans to offer more benefits to its employees. "Given these changes, we have an opportunity to accelerate a few pieces of our investment plan".

With the national unemployment rate at 4.1 percent, a 17-year low, there are more job openings in the retail industry than at any time since the turn of the century, government data show.

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"Today, we are building on investments we've been making in associates, in their wages and skills development", Doug McMillon, Walmart president and CEO, said in a statement. Last quarter, the Bentonville, Arkansas-based company posted its strongest USA sales gain in more than eight years.

The announcement comes the same day it was revealed Walmart has plans to close 63 Sam's Club stores across the country, Business Insider reported.

The company said the change is in addition to wage increases already planned for many US markets in the coming fiscal year.

The hike announced on Thursday will also increase the average hourly pay for full-time employees to $14.50 from a current $13.85.

"A better solution would be to raise the federal minimum wage and not leave it up to corporations", Gould said. After boosting wages for some workers to $10-per-hour in 2016, Walmart was already on a path to paying $11-per-hour, especially after Target raised its minimum hourly wage to $11 previous year.

Among the biggest announcements have been $1,000 bonus awards by American Airlines (AAL) (127,000 employees); AT&T (T) (200,000); Bank of America (BAC) (145,000); and Comcast (CMCSA) (100,000).

The new maternity-leave policy will not apply to part-time workers, who make up a significant percentage of the company's hourly work force.

While employees who have worked at the company for two decades or more will receive a $1,000 bonus, most employees will receive a smaller bonus, with the average coming out to about $190 among the chain's 2.1 million employees.

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