Published: Fri, January 12, 2018
Markets | By Noel Gibbs

Walmart boosts starting pay

Walmart boosts starting pay

The world's largest private employer said it was closing 63 Sam's Clubs over the next week, with some shut already. "They're doing it because working people stood up and demanded more". On the same day the company trumpeted its pay rise, it revealed the closure of some members-only Sam's Club stores. One wonder who the former employees of Sam's Club will trust next.

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

Kolko noted that while overall wage increases were modest past year at around 2.5 percent, data through November showed that workers with only a high school degree got average raises of 3.6 percent, while hourly rates for less well-paid positions rose 3.1 percent.

The company also said it's moving production of the Ram heavy-duty truck from Saltillo, Mexico, to Warren, Michigan, in 2020.

The one time bonus for Walmart's hourly associates - including part-time workers - can range up to $1,000 for employees with at least 20 years at the company.

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Walmart said Thursday that it will raise the starting salary for USA employees to $11 an hour, pay out a one-time cash bonus for eligible associates of up to $1,000, and expand maternity and parental leave benefits.

Walmart's announcement follows companies like AT&T Inc, Wells Fargo & Co and Boeing Co, which have all promised more pay for workers since the Republican-controlled U.S. Congress passed the biggest overhaul to the United States tax code in 30 years.

Waste Management CEO Jim Fish said in a statement, "We are about to get a tax benefit as our USA corporate tax rate goes from 35 percent to 21 percent". "Companies were already raising wages even before the tax cut passed in response to a tight labor market, grassroots pressure from groups like the Fight for $15, and the rush of minimum wage hikes from California to NY".

In many states, that boost in the starting wage will be higher than the legally required minimum wage. A discrete one-time charge will be taken in the fourth quarter of the current year to account for the bonus; qualification will be determined before the end of the month and payments will be paid as quickly as practical thereafter.

The roll of companies giving workers bonuses reads as if the list was lifted from the Fortune 500: American Airlines, Comcast, JetBlue, AT&T, Bank of America, U.S. Bank, Nationwide Insurance.

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Neither Beardsley or the club are commenting on the allegations. The complainants are due to give their evidence later this week. " Peter Beardsley categorically denies the allegations".

Democrats have slammed the legislation, which also temporarily reduced tax rates for most individuals, as a giveaway to the wealthy that will widen the rich-poor income gap. It is also possible that not many companies will invest the money saved through tax cuts and instead will pass it on to their shareholders.

The company said the wage increase benefits all hourly USA workers at its stores, including Sam's Club, as well as hourly employees at its websites, distribution centers and its Bentonville, Arkansas, headquarters.

The $1,000 bonus will go to employees who do not benefit from the newly announced wage increases. Walmart also hit its strongest quarterly USA sales growth in almost a decade in its third quarter, according to the Wall Street Journal.

The increase in wages will cost approximately $300 million on top of wage hike plans that had been included in next fiscal year's plans, the company said.

Other employees received far better news on Thursday.

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