Walmart: to raise minimum wage after US tax reform

(CercleFinance.com) - Walmart said on Thursday that it would increase its minimum hourly wage, effective as of February, to 11 dollars an hour on the back of the recent US tax reform.


The retail giant also plans to expand maternity and parental leave benefits and provide a one-time cash bonus for employees, of up to 1,000 dollars.

Over 1 million people should benefit from combined wage and benefit measures, the company said.

This increase in wages will have an impact of approximately 300 million dollars on Walmart's budget for next fiscal year, while the one-time bonus will represent an additional payment of about 400 million dollars in the current fiscal year, ending 31 January, the group added.

Walmart shares opened down 0.3% at 99.4 dollars after the news.

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