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12 January 2018, 12:46 | Lionel James
Walmart Is Latest in Long Line of Businesses to Pass on Trump's Tax Cuts to 'Little Guy' in a Huge Way
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.
Wal-Mart Stores Inc. will raise the starting wage rate for all of its US hourly associates to $11, expand maternity and parental leave benefits, and give eligible full- and part-time employees a one-time cash bonus of up to $1,000.
Kolko noted that while overall wage increases were modest previous 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 mega-retailer announced Thursday that it will be increasing its starting wage rate for hourly workers to $11.
Since Wal-Mart's initial increase starting in 2015, many states have enacted minimum-wage laws, meaning that a "sizable group" of its 4,700 US stores already pay $11 an hour, according to spokesman Kory Lundberg.
The retailer announced Thursday it would increase the wage and give certain workers a one-time cash bonus of $1,000, which will benefit more than 1 million employees. McMillon said for eligible employees, Walmart will also contribute $5,000 to the cost of adoption.
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.
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Despite the gains, some workers may still struggle with an $11 hourly wage, which translates to $22,000 per year for a typical 40-hour work week. Insiders have sold a total of 12,419,588 shares of company stock valued at $1,207,333,538 in the last quarter.
Trump celebrated the news by tweeting a Fox Business clip about the Walmart decision.
Walmart is the latest company to announce bonuses in light of the Republican tax overhaul. "While pay raises are usually a good thing, 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".
Wal-Mart Stores Inc. is boosting its starting hourly wage to $11 and delivering bonuses to employees, capitalizing on the US tax overhaul to stay competitive in a tightening labor market.
Large employers have been under pressure to boost benefits for workers because unemployment rates are at historic lows, allowing job seekers to be pickier.
He says there maybe more wealth sharing to come. With the new plan, full-time hourly employees will receive 10 weeks of paid maternity leave and six weeks of paternal leave.
The bank said on December 20, 2017 that it would raise the company's minimum wage to $15 an hour, from $13.50. Walmart last raised its minimum pay for employees to $10 an hour in 2015. The national unemployment rate at a 17-year low, making it increasingly hard to for companies to attract - and keep - workers.
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