Walmart Says Pay Increase Brings Average Hourly Wage to $16.40 By Bloomberg

© Bloomberg. Employees restock shelves at Wal-Mart

(Bloomberg) — Walmart (NYSE:) Inc. said it will raise wages for a swath of its U.S. workforce, bringing its average hourly wage to $16.40 as the big-box retailer competes for employees amid a labor shortage. 

The raise of at least $1 per hour will start on Sept. 25 and cover more than 565,000 workers, Walmart U.S. Chief Executive Officer John Furner said in a message to employees. Furner said it’s the third pay rise for store workers over the past year. 

The world’s largest retailer has moved to raise pay and improve benefits in the U.S. in recent years — a shift from its previous strategy of keeping wages low. However, Walmart’s focus on increasing average pay contrasts with the higher starting wages that have been implemented by competitors such as Target Corp. (NYSE:), which has boosted starting pay to $15, and Costco Wholesale Corp (NASDAQ:)., which has set it at $16. Walmart’s starting rate is $12.

The trend isn’t confined to retail: McDonald’s (NYSE:) Corp., Chipotle Mexican Grill Inc (NYSE:). and other restaurants are also improving wages to hang on to workers who have proven reluctant to work in public-facing jobs during the Covid pandemic.  

Higher weekly unemployment payments are being phased out across the U.S. this month.  

©2021 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button