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

12 January 2018, 03:27 | Gordon Grant

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With the labor market tight, it's crucial for Walmart to stay competitive on this measure.

Glenmede Trust Company Na increased Wal Mart Stores Inc (WMT) stake by 10.01% reported in 2017Q3 SEC filing. Paying workers more will help ensure those stores are pleasant shopping environments - a necessity for Walmart if it is to keep growing its sales. With Wal-Mart's moves, companies are crediting the tax cuts for providing additional pay to more than 2 million workers.

McMillon also announced a new policy aimed at helping salaried and full-time associates with the financial costs of adopting a child. Over a month, it has seen its stock price volatility to stay at 5.29% while shortening the period to a week, volatility was 4.25%. This is the third minimum wage increase the company has implemented since 2015. "And Walmart's numbers [are] already above the minimum wage". But right now, she has just three. Wal-Mart Stores has a one year low of $62.35 and a one year high of $75.19. Rose would like to pay more, but she'd have to raise her prices and fears that would turn away customers. "This is nothing but another public relations stunt from Walmart to distract from the reality that they are laying off thousands of workers and the ones who remain will continue to receive low wages".

The wage increase will cost Walmart $300 million for its fiscal year that starts February 1. Pretax income for the company's 2017 fiscal year ended last January was $22.76 billion.

The Walmart minimum wage for hourly employees is going up to $11.

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It is unclear if Walmart's new offerings are entirely linked to the tax cut, as the company has a history of low wages and benefits, along with a past wage increase that sparked layoffs and employee restrictions.

"Today, we are building on investments we've been making in associates, in their wages and skills development", Walmart president and CEO Doug McMillon said in a news release.

Walmart's announcement follows companies like AT&T, Wells Fargo and Boeing, which have all promised more pay for workers after the Republican-controlled US Congress passed a tax bill last month that cut the corporate tax rate to 21% from 35%. Costco Wholesale Corp. and other retail chains like TJX Cos. have also raised wages in recent years. It has done well and strengthened its hand in online retail as many other retailers have struggled.

Hourly employees at its websites, distribution centers and its Bentonville, Arkansas, headquarters, will benefit from the wage increase. The company will also offer bonuses to employees, including bonuses of up to $1,000 for employees who have worked at the company for 20 years. The payout will cost Walmart a total of $400 million dollars. In addition, Walmart is giving full-time hourly workers 10 weeks of paid maternity leave and six weeks of parental leave. Salaried associates will also receive six weeks of paid parental leave.

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