Citing New Tax Law, Walmart To Raise Starting Wages, Expand Parental Leave

Citing New Tax Law, Walmart To Raise Starting Wages, Expand Parental Leave

Walmart is boosting the minimum hourly wage for its US employees to $11 and dishing out bonuses of up to $1,000, crediting President Trump's tax cut for enabling the move. The company is also creating a new benefit to assist associates with adoption expenses.

Wal-Mart is the largest private employer in the world with 2.2 million employees, including more than 1.5 million in the U.S. Its current starting salary in the $10 an hour after workers take a training course.

"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", McMillon said in a statement. "Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S".

Walmart said it was still assessing new United States tax rules and "potential additional investments". The one-time bonus will amount to $400m in the current fiscal year.

Walmart is raising its minimum wage and handing out tax cut bonuses. The new law cuts the corporate tax rate to 21%, down from 35%. The federal minimum wage is $7.25.

More broadly, according to a list compiled by Americans for Tax Reform, about 55 companies have announced one-time bonuses for employees following the tax overhaul.

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Fundamentally, 99.9 percent of the tax cut is not being passed onto workers in the form of bonuses.

An expanded parental and maternity leave policy, providing full-time hourly associates in the USA with 10 weeks of paid maternity leave and six weeks of paid parental leave.

The increase in wages will cost approximately $300 million on top of wage hike plans that had been included in next fiscal year's plans, the company said.

The company is offering a one-time bonus to all full and part-time employees based on their length of service, rising to $1000 for employees with 20 years of service.

Previously, Walmart provided fully paid family leave to salaried workers, while hourly workers received half pay during family leave.

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