It was announced on Thursday that as a result of Trump’s tax overhaul, introduced by the Republican Senate, Walmart will soon start to raise their workers starting wage. The employees will now start from 11 dollars per hour where at the moment their starting wage is at 10 dollars.
“Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.,” Doug McMillon who is the CEO of Walmart said in a statement.
“We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders,” the CEO added.
“However, some guiding themes are clear and consistent with how we’ve been investing — lower prices for customers, better wages and training for associates and investments in the future of our company, including in technology.”
It was announced the changes will start to be implemented somewhere in February.
At the moment, Walmart is paying the current hourly workers with a starting wage of 9 dollars, then after a training program that Walmart requires all employees to take, the wage is increased to 10 dollars.
The Hill reports that as part of the savings from the new tax bill Walmart also announced that it will start increasing the parental and maternal leave benefits. The company will also give eligible employees a one-time cash bonus going up to 1,000 dollars.
Similar announcements were made by JetBlue and Bank of America in the first days after the legislation was passed.
After a lot of controversy and speculation, Trump’s tax overhaul is starting to show its results. Democrats, on the other hand, are still criticizing the new bill while some big companies are starting to reinvest their savings in the welfare of their employees.
Be the first to comment