Walmart raises minimum wage, gives bonuses after tax cut

12 January, 2018, 03:29 | Author: Franklin Nunez
  • More than 1 million Walmart workers will benefit from bonuses and pay raises

"This increase in wages to associates will take effect in February and will be approximately $300 million incremental to what was already included in next fiscal year's plan".

The company says the changes will affect more than 1 million of its U.S. employees.

Glenmede Trust Company Na increased Wal Mart Stores Inc (WMT) stake by 10.01% reported in 2017Q3 SEC filing.

The world's largest private employer is about to give its employees a raise. "As you know, the President and Congress have approved a lower business tax rate".

Back in October, David French, NRF senior vice president for government relations, pointed to an analysis by the association that found the average "C" corporation, many of which are retailers, paid the average worker almost $4,700 less per year because of the previous 35 percent corporate tax rate. "It's due to two factors - state-level increases and a tightening labor market". The changes will affect more than one million hourly associates in the U.S. The payscale for hourly workers will be from $11 to $24.70 per hour. And New York, Arizona, Colorado, Maine and OR will all reach that level next year, as efforts at the state level to boost livelihoods have gained steam. More than 600,000 will directly benefit from the minimum wage increase.

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CIBC Asset Management Inc lessened its holdings in Wal-Mart Stores, Inc.

Wal-Mart Stores (NYSE WMT) traded up $0.20 during trading on Friday, reaching $99.87.

Brevard County's unemployment rate has also plummeted from 6.9 percent in January 2015 to 3.6 percent in September 2017.

Even with the wage bump, many workers will struggle if they're the sole breadwinner. But it's safe to say that, over 10 years, this corporate tax cut will be worth over $18 billion to Walmart.

The pay hike at Walmart follows similar actions at rival Target Corp. Year-to-date, WMT has gained 0.93%, versus a 2.72% rise in the benchmark S&P 500 index during the same period. In the previous economic uptick, wage growth peaked in December 2006 at 4.2 percent on a year-over-year basis.

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Here's who is passing some of those savings along to employees. He said it was too early to say how many people would lose their jobs since some will be placed at other Walmart locations or be rehired to the e-commerce sites.

Walmart has begun using robot sweepers in many stores to keep the aisles clean as well, much to the chagrin of its janitorial staff. Pretax income for the company's 2017 fiscal year ended last January was $22.76 billion. The bonuses will pay a larger amount the longer an employee has been working at the company, the statement said.

The announcement comes after a number of other massive US firms such as Waste Management, Jet Blue and Bank of America made similar promises to increase employee wages and bonuses.

Walmart is also rolling out another new benefit that will provide financial assistance to employees looking to adopt a child.

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