Walmart to Raise Wages for 425,000 Employees to Average Above $15 an Hour

A worker is seen wearing a mask while organizing merchandise at a Walmart store, in North Brunswick, New Jersey, July 20, 2020. Eduardo Munoz | Reuters

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.

Rivals Amazon and Target have made their starting pay $15 an hour, and the Biden administration and Congress are considering hiking the federal minimum wage to that level from $7.25 per hour.

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SOURCE: CNBC, Lauren Thomas

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