Walmart minimum wages: How much did the retail giant increase their employees’ wages by?
In February 2023, employees at America’s largest retailer, Walmart, saw an increase in their salaries. How much more did they get and who benefited?
Back in February, the employees of Walmart stores and warehouses in the United States received an increase in their salaries with the aim of retaining and attracting workers to the company in a labor market that is highly competitive.
According to official information from Walmart Inc., the hourly minimum wage increased from $12 to $14 an hour, reflecting pressure from large chains to raise wages in a battle for labor, according to experts in the field.
Currently, Walmart has a total of 1.7 million workers, in the United States alone, of which 94 percent have a contract in which they are paid by the hour, according to the latest annual stock filing obtained by CNN.
“Starting next month, we’ll begin investing in higher wages for associates. This includes a mixture of associates’ regular annual increases and targeted investments in starting rates for thousands of stores, to ensure we have attractive pay in the markets we operate.”, read the statement signed by the head of Walmart in the United States, John Furner .
Wage increase at Walmart: When did it take effect?
According to the same statement, the increases were included in the paychecks as of March 2, 2023. With the increase in the minimum hourly wage, the average wage rose to more than $17.50 an hour.
Despite the salary increase, there are those who believe that the amount is still low. According to author Rick Wartzman, ideally the country should raise its minimum wage to $20 an hour, which is nearly triple what it currently is.
You may also be interested in: Which US states will raise the minimum wage in 2023?
Minimum wage in the United States
The minimum wage in the United States is $7.25 an hour. The last time the federal minimum wage was increased in the United States was 14 years ago. However, there are states where the starting pay floor is higher.
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