The new joiners of Walmart will be showered with a salary hike and other competent employees will be offered a bonus of up to $1,000. The largest private employer in the entire world is hiking the salaries of the US workers to $11 an hour. Even the parental and maternity leave benefits will also be elevated.
According to the retailer, the changes will be affecting more than a million hourly workers in the US, as the company has the strength of 1.5 million people in the US. The wage will be increased to $9 per hour for the fresh employees. This revised salary pattern will be implemented over the next month. The adoption expenses will also be supported by the company. CEO, Doug McMillon stated that the tax legislation has led to taking this decision, which has made him accelerate plans for the US.
Since the unemployment rates are touching the ground, the employers have been under tremendous pressure to elevate the facilities offered to the clients. This will help the job seekers pick the most appropriate job. To be precise, the unemployment rate of the nation has dropped down to 4.1%, for the past three months, which is at the lowest point since 2000.
The average hourly earnings hiked 2.5% this December, which is definitely a step ahead in the path of reaching a healthy economy.
Target Corp., the rival group of the Walmart, is also following suit, hiking the wages of the employees. It raised the hourly wages to $11 and is expected to hike the hourly wages to $15 by the end of 2020.
The employees of Walmart who work at the store, e-commerce, Sam’s club, logistics, and home office will be benefitted immensely with the revised rate of hourly wages.