Staff Reports
In March, Walmart will increase the minimum wage for its employees to $14 an hour. This move comes as the nation's largest private employer struggles to keep its workers in a tight labor market.
NEW: Walmart is raising its minimum pay from $12 to $14 to better attract workers. Its average wage will rise to $17.50/hr.
The median Walmart associate now makes $24,960. CEO Doug McMillion made $25.7M, creating an astronomical CEO-to-worker pay ratio of 1029 to 1.
— More Perfect Union (@MorePerfectUS) January 24, 2023
According to reports, the minimum wage was set at $12 in 2021. It is expected that the wage will go up to $14. This will be a 17% increase.
Anne Hatfield, a spokesperson for Walmart, said that about 340,000 of the company's employees will receive a raise.
The company's move is part of its efforts to keep up with its competitors and the growing number of states and cities that have raised their minimum wage.
In a memo sent out on Tuesday, John Furner, the chief executive officer of Walmart US, said that the company's decision to raise its employees' compensation will allow it to offer them attractive pay.
The preceding is a summary of an article that originally appeared On Oann.
