Walmart announced Thursday it will raise pay for workers to an average above $15 an hour, giving a boost to 425,000 employees.
Walmart said its minimum starting wage for workers will remain at $11 an hour. Its U.S. workforce numbers about 1.5 million people, making it the nation’s largest private employer.
The big-box retailer made the announcement as it reported holiday-quarter earnings that fell short of Wall Street’s expectations, weighed down by Covid-related expenses and heightened investments in e-commerce. Walmart also cautioned that it expects its sales growth to moderate this year.
Walmart shares were down more than 5% in early trading.
Beginning March 13, the company said, pay for store workers in digital and stocking positions will go up to $13 to $19 an hour, depending on store location.
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SOURCE: CNBC, Lauren Thomas