Walmart has turned into one of the largest, and most recognizable, retail stores in the world. Although they have been known for always keeping things affordable, they recently decided to spend their money wisely by investing in their employees.
According to Forbes, Walmart has announced they are going to raise their minimum wage to $11.00 per hour. For the employees of the superstore, the move spells major pay increases.
"Walmart is raising the minimum wage to $11 for more than one million of its U.S. hourly workers as a result of sweeping new tax legislation, it said on Thursday," reported Forbes.
Currently, workers start out earning only $9.00 per hour. However, Walmart also offers an option to earn $10.00 if employees complete a training program. They are the latest company to take advantage of the new tax legislation by passing on their savings to their own employees.
At this time, the wage increase is set to formally occur in February. They also used the savings to announce they are expanding maternity and parental leave benefits and helping workers cover adoption expenses and hand out one-time bonuses of up to $1,000.
“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," said Walmart CEO Doug McMillon in a statement.
What do you think about this? Let us know your thoughts. In other recent news, Ellen Degeneres shared with fans about her recent heartbreaking loss.