Walmart raises minimum wage, gives bonuses after tax cut

NATION-WORLD     Walmart raises hourly wage to $11 expands benefits     
       Walmart credited President Trump's tax cut for enabling the new policy

In addition to increased maternity and parental leave benefits, Walmart said it will provide up to $5,000 to both hourly and salaried employees to assist with adoption expenses.

Walmart plans to start paying its one million USA workers at least $11 an hour and give them a one-off cash bonus.

The company also plans to expand its current maternity and parental leave policy for employees in the United States.

Economists and professors, though, said Walmart had little choice but to raise its wages if it wanted to stay competitive with peers like Target, which raised its hourly starting wage to $11 late previous year, with plans to increase it to $15 by 2020.

The hourly wage increase will cost about $300 million in 2018 and the one-time bonus represents an additional $400 million paid out this month, which is still part of Walmart's fiscal 2017.

"We are in the early stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and further strengthen our business, all of which should benefit our shareholders".

CEO Doug McMillon said in prepared remarks that it would be "clear and consistent" for the company to put more money toward goals such as lower prices and technology upgrades.

"A fairer and more competitive tax code will give retailers the ability to modernize stores, invest in their workforce and continue to transform the shopping experience for consumers", Kennedy said.

Oprah 2020? Winfrey 'would absolutely' run for president, partner says
Other users of Twitter also responded, posting the names of those who have accused Donald Trump of misconduct and reminded Ivanka that time is up for her father, too.

American Airlines, AT&T and Wells Fargo have been among the companies that have given bonuses or awarded pay increases in recent weeks.

Walmart said it has expanded its parental and maternity leave in the US with 10 weeks of paid maternity leave and six weeks of paid parental leave.

McMillon said Walmart will give onetime bonuses to hourly workers who already earn more than $11.

With the wage increase and bonus payment, the company seeks to even its pay gap with resurgent rival Target Corp., while simultaneously sending a high-profile thank you to the US government for slashing the corporate tax rate.

Walmart - long derided for providing low wages and substandard working conditions - has been forced to raise wages and improve worker benefits in the face of competition from other big box retailers and successive years of a tightening labor market. At the same time, Target made a commitment to raise its base wage to $15 an hour by the end of 2020.

But the company also is closing some Sam's Club locations, including ones in Lumberton and Morrisville.

The company will also hand out one-time cash bonuses ranging from $200 to $1,000 for some part-time and full-time positions depending on seniority. As of December, the average pay for full-time workers was $13 an hour.

Yet, participation rates for prime-age workers remain around three percentage points below their late 1990s peak, translating into around 3 million 25- to 54-year-olds who could be employed or looking for jobs. Insiders have sold a total of 12,419,588 shares of company stock valued at $1,207,333,538 in the last ninety days.

Related:

Comments

Latest news

Kanye West & Kim Kardashian's Surrogate Due "Any Day Now"
She suffered from early-onset preeclampsia with North and had to deliver nearly six weeks early in 2013. She said: 'It is frustrating like to not be able to do it on your own.

House renews surveillance law after Trump posts differing tweets
A White House official said staffers had consulted with Trump after his initial tweets opposing the administration's stance. But there's just one problem - the Trump administration actually staunchly supports the FISA bill.

Dish Adding Google Assistant Capabilities
While the WK9 advertises Google Assistant primarily, LG does put it under its now unified ThinQ artificial intelligence brand. Already Samsung has revealed plans for a Bixby speaker to take on Apple's HomePod , Amazon's Echo and Google's Home .

Ecuador gives nationality to Wikileaks' Assange
In London, police say they are "obliged" to arrest Assange if he leaves the embassy, for breaching the terms of his bail in 2012. But a year ago , the Australian, 46, angered Ecuadorian president Lenin Moreno by tweeting support for Catalan separatists.

Trump Argues the Russia Investigation Is Hurting the US Government
At a press conference in the summer, Trump said he was "100%" willing to testify under oath about his conversations with James B. President Trump is downplaying the possibility that he'll take part in an interview with FBI investigators.

Google acquires United Kingdom technology start-up Redux
The reason was simple: in the ongoing fight to make thinner smartphones that pack in more and more tech, space is at a premium. It reported that Redux is able to turn screens into a speakers by vibrating the screen itself using small actuators.

Natural disaster with magnitude 7.6 hits Caribbean; damage being assessed
President Juan Orlando Hernandez tweeted that the emergency system had been activated and people should remain calm. Tsunami warnings were put into effect after the quake struck, but were ultimately canceled.

Serena Williams suffered from blood clots, hematoma after baby
She now has her sights set on a March return at Indian Wells, and fired a warning shot to her rivals. She then required a filter to be inserted into a major vein, in order to prevent more clots.

Not my baby girl: OJ Simpson denies being Khloe K's father
Nice and terrific and still today I think they are nice and terrific except they have kind of added sex appeal to their resume. Before Simpson could even reply, his daughter, Sydney burst out laughing and he joined her .

Pats DC Matt Patricia reportedly prefers Giants head coaching job
From Patricia's perspective, the Giants should appeal in the sense that they have Eli Manning and a high first-round pick. According to King , Patricia may be the No. 1 target of the Lions but he prefers the New York Giants .

Gerrit Cole reportedly not traded to Astros: 'False rumor'
Right now the Yankees have Luis Severino, Masahiro Tanaka, Sonny Gray, CC Sabathia and Jordan Montgomery in their rotation. Though Cole is coming off his worst season - 12-12 with a 4.26 ERA in 33 starts - he is capable of being an elite starter.

Got an iPhone 5? No More Pokemon Go for You
According to Eurogamer , the Pokemon GO will no longer have support for iPhone 5 and 5C beginning on 28th February. If your iPhone is not capable of running iOS 11 , you'll have to quit playing Pokemon GO until you get a new phone.

Overwatch League Partners With Twitch In Two-Year Broadcast Deal
Blizzard plans to create similar leagues in South America, Europe, southeast Asia, and Asia Pacific in the near future. After the conclusion of the season, there is already a casual "all-stars game" planned for sometime in August.

Allison Janney thanks Tonya Harding after Golden Globes win in inspiring speech
Harding made an appearance at the Golden Globes on Sunday night to support the film, which was nominated for three awards. I, Tonya follows the true story of Harding, who grew up with an abusive mother and became the wife of an abusive husband.

Mother, boyfriend sought in torture, murder of girl, 4
Once there, cops reportedly found Diaz in distress and a dog suffering from a gunshot wound, according to the report. January 1 to a report of an unresponsive 4-year-old girl at a residence in a Sumpter Township mobile home community.

Other news