- walmart WMT The company is preparing to raise average hourly wages for its 340,000 U.S. store workers in about 3,000 stores starting in February to keep workers amid a tight domestic labor market.
- Walmart’s new pay hike will lift the average hourly wage to $17.50 from the current $17, and will be reflected in salaries on March 2, Reuters reports.
- Depending on your location, the minimum wage will increase from up to $2 to $14 to $19 per hour.
- Walmart employs 1.6 million American workers, most of them in rural and semi-urban areas.
- However, this rate increase Amazon.com Inc. AMZN, Costco Wholesale Co., Ltd. costWhen target company targethad offered a minimum wage of $15 an hour since 2021.
- Average hourly wage growth for US workers slowed to 0.3% in December, compared to 0.4% the previous month. Still, the labor market is resilient, with December’s unemployment rate dropping to his 50-year low of 3.5%.
- walmart struggled to find a new generation to replace several key managers leading 4,700 U.S. stores for at least a decade.
- A tight labor market and competition have added to the headwinds, even for jobs that often pay more than $200,000 a year.
- Last June, Walmart raised the average wage for pharmacy workers to more than $20 an hour and agreed to give more frequent automatic raises to address the shortage.
- Last April, Walmart increased salaries for truck drivers and fulfillment center workers.
- Price action: WMT shares fell 0.27% at $142.64 before the market on Wednesday’s final check.
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