Walmart raises minimum wages: How much and who will benefit?
Starting next month, employees at America’s largest retailer, Walmart, will see an increase in their salaries. How much will it be and who will it benefit?
Starting next month, the employees of Walmart stores and warehouses in the United States will see 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 will increase 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 will it be reflected?
According to the same statement, the increases will be reflected in the paychecks as of 2 March. With the increase in the minimum hourly wage, the average wage is expected to rise 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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