NEW YORK – Walmart is raising its minimum wage and handing out tax cut bonuses because of the new Republican tax law.
The retail company said the wage hike to $11 an hour would roll out in February. Employees are also getting a one-time bonus of up to $1,000.
Walmart (WMT) previously raised its minimum pay for most employees to $10 an hour in 2015. As of December, the average pay for full-time workers was $13 an hour.
“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” Walmart president and CEO Doug McMillon said in a news release. “It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”
He added that “tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.”
Although, earlier in the week Sam’s Club, the buy-in-bulk store owned by Walmart, said it was closing 53 locations including the one in Jamestown.