To $9 an hour in April, and $10 in a year. Long overdue. Doesn't excuse its virulent anti-unionism, but at least some lower end workers will be getting a pay raise. Which will be good for the economy.
And apparently it has discovered good for retaining workers.
The nation's largest private sector employer said 500,000 full-time and part-time [workers] at Walmart (WMT) U.S. stores and Sam's Clubs will receive pay raises in April that will take them to at least $9 an hour, which will be $1.75 an hour above the current federal minimum wage.
By Feb. 1 of next year, their pay will rise to at least $10 an hour.
The company said workers will also have more control over their schedule. The new program will cost the company about $1 billion in this fiscal year.
. . . .
President Obama has proposed raising the federal minimum wage to $10.10 an hour, but Republicans in Congress have so far blocked those efforts. But many states have gone ahead and raised their own minimum wage rates, either by action of the legislature or voter initiative.
"We're not taking a position on what the government does," said Schumacher. "But any time any company, whether it's us or someone else, raises wages, it's a help for the economy."
. . . .
While Walmart says the higher wages should help reduce its turnover rate, Schumacher said these plans were in place well before the recent pick-up in the job market.
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