Walmart workers win pay rise after Trump tax cuts

Walmart workers win pay rise after Trump tax cuts

Walmart workers win pay rise after Trump tax cuts

Walmart is boosting the minimum hourly wage for its US employees to $11 and dishing out bonuses of up to $1,000, crediting President Trump's tax cut for enabling the move.

Walmart's CEO Doug McMillon said in a statement that the combined wage and benefit changes, which will benefit more than 1 million United States hourly associates, are a result of tax savings from this year's tax reform that reduced the country's corporate tax rate to 21%. The minimum wage increase goes into effect February 17.

The increase in wages will cost approximately $300 million on top of wage hike plans that had been included in next fiscal year's plans, the company said. The amount will range up to $1,000 for employees who have been with Walmart for at least 20 years.

Read the full story on Fox Business' website here.

According to The New York Times, the company will "expand its maternity and parental leave policies to give full-time hourly employees 10 weeks of maternity leave and six weeks of paid parental leave".

Fire and Fury: Trump allies dismiss 'fantasy book'
Reagan died in 2004, aged 93, from pneumonia complicated by the Alzheimer's disease that had progressively clouded his mind. He added: 'I consider it a work of fiction and it's a disgrace that somebody's able to do something like that'.

Walmart President and CEO Doug McMillon described the chain as "building on investments we've been making in associates, in their wages and skills development". "It's our people who make the difference and we appreciate how they work hard to make every day easier for busy families".

President Trump and his fellow Republicans have argued that the corporate tax cut, part of the biggest overhaul to the U.S. tax code in 30 years, will benefit workers and lead to more investment by USA companies.

The nation's largest retailer announced today that eligible associates will receive a one-time cash bonus of up to $1,000.

"We think this is a prudent use of tax reform proceeds, as it reinforces the company's commitment to improving in-store service levels and will pressure other retailers to invest more heavily into wages and prices", Ben Bienvenu, an analyst at Stephens, said in a note.

The wage increase comes as Walmart is on a roll.

President Trump: "Mexico Will Pay for the Wall"
In September, President Trump shut the program down and gave Congress six months to come up with an alternate policy. The border is roughly 2,000 miles long and of that, about 700 miles already is fenced off.

Workers in Washington D.C. and the states of California, Washington and MA, already earn at least $11 an hour.

Walmart also announced expansion of its paternal and maternity leave policy, providing full-time hourly employees with 6 weeks of paid paternal leave and 10 weeks of paid maternity leave. Previously, the company didn't offer any paid leave for them.

But raising wages is something you could argue Walmart needed to do even in a less-favorable tax environment. While many traditional retailers have been struggling to keep up with online behemoth Amazon, Walmart has fared better.

The raise will increase the average hourly pay at Walmart for full-time employees from $13.85 to $14.50.

DA says the 'real' matric pass rate is 37.3%
Motshekga said the improved performance of the three provinces is a direct outcome of their targeted interventions. Sponsors and government officials at the results ceremony for the National Senior Certificate examinations.

Related news