Economy

Walmart raises minimum wage for U.S. employees, announces store closings

Walmart raises minimum wage for U.S. employees, announces store closings

Around 50 of those stores will be shut permanently after a review of profitability and up to 12 more will be shut and reopened as e-commerce warehouses, the person said. Making Change at Walmart, a campaign backed by the United Food and Commercial Workers International Union, estimates that 150 to 160 people work at each Sam's Club store, meaning the closures could affect about 10,000 people.

Sam's Club has not said how many employees are losing their jobs.

The White House is praising the raises and bonus, but refused to address the store closings. "Some of the companies that have announced [bonuses and wage increases] were very active in lobbying for the bill". One-time cash bonuses of up to $1,000 per employee, based on seniority, will cost the company another $400 million.

Walmart also announced that full-time hourly US employees can get 10 weeks of paid maternity leave and six weeks of paid parental leave.

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Walmart and Target's new minimum wage levels exceed the state minimum wage in all but three states, according to a research note from financial services firm BTIG.

Online retailers typically pay warehouse employees who pack and ship orders more than store jobs pay.

Pennsylvania's minimum wage is $7.25 an hour, the same as the current federal minimum wage.

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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It's true that nothing recedes like success, and there's more work to do on the tax code. 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.

McMillon also said the company is "early in the stages of assessing the opportunities" that tax reform creates for Walmart. "Given these changes, we have an opportunity to accelerate a few pieces of our investment plan... we're raising our starting wage to $11 an hour". Walmart also hit its strongest quarterly US sales growth in almost a decade in its third quarter, according to the Wall Street Journal.

Wal-Mart said the wage increases would add about $300 million in expenses to its budget for the next fiscal year.

Labor group OUR Walmart called Thursday's announcement a "substantial step" but said it still fell short of what all employees need to provide for their families.

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Fish continued, "So, we are offering each North American hourly full-time employee and salaried employee who does not participate in any sales incentive or bonus plan during 2018, a cash bonus of $2,000 to show our appreciation to so many of our valued employees while growing our business and returning a good portion of the tax savings directly to the overall economy". Up till now, Walmart workers were paid $9 an hour to start and then were bumped up to $10 an hour after they completed their training. Both hourly and salaried employees will also get six weeks of paid parental leave. Walmart's jump to $11 an hour is set to begin in February for all Walmart U.S., Sam's Club, Supply Chain, eCommerce, and Home Office hourly associates. The amounts of the one-time bonuses depend on how long an employee has worked for the company. Put another way, the raise is equivalent to just 0.3 percent of the company's sales and administration costs.


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