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Walmart Inc. revealed on Tuesday, Jan. 24, that it will be raising the hourly minimum wage of its store workers. The retail giant is hiking their salaries by around 17%, which means it will be $14 per hour soon.
Walmart said the new wage rate of staff who assist customers and stock shelves in the stores would take effect in early March. Once implemented, they can earn between $14 and $19 per hour. Currently, these workers are said to be earning between $12 and $18 only.
According to CNBC, John Furner, the company’s chief executive officer in the U.S., said that the new wage increase will include all store employees in the country. This means that around 21% of its workforce, or 340,000 staff, are getting a raise in a few weeks. As of this time, Walmart employs 1.6 million people.
Business observers noted that Walmart is hiking wages at an interesting time as retail sales trends these days are generally weak. In fact, many retail brands have recently shared lower earning results and predictions. They also believe that they will face a tougher time this year.
“At Walmart, we know our people make the difference and that has never been more true than today – your talent and dedication to your customers are helping them live better lives every day,” Walmart US’ chief John Furner said in a memo addressed to US-based associates.
“And as you continue to focus on your customers, we are focused on investing in you – our store associates. Today, I am happy to share our latest steps to shape jobs at Walmart – four new ways we’re investing in you. Starting next month, we will begin investing in higher wages for associates and we expect these raises will bring our U.S. average hourly wage to more than $17.50. They’ll be reflected in March 2 paychecks.”
Photo by: jimaro morales/Pixabay
