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Walmart is raising wages and giving bonuses, citing tax cuts

Walmart is boosting starting wages, providing a one-time bonus for employees and expanding benefits, the company said on Thursday, citing the tax cuts signed into law by President Trump last year.

Photo: Robyn Beck / AFP via Getty Images


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Details: The bonus is based on length of service, with those who've worked 20 years eligible for $1,000. The company, which is the largest private employer in the U.S. and employs roughly 2.2 million people worldwide, is also raising its starting wage to $11 an hour. The current starting wage for store associates is $9 an hour. The company also said it plans to expand its maternity and paternity leave benefits.
The plan benefits more than a million employees, the company told Axios.
Several other large companies have also doled out bonuses and announced employee raises thanks to the new tax cuts:
  • Bank of America gave roughly 145,000 employees a year-end $1,000 bonus.
  • AT&T also gave $1,000 bonuses to more than 200,000 U.S. employees.
  • Fifth-Third Bancorp told Axios' Dan Primack that it will raise the minimum wage of its workforce to $15 per hour.
  • Wells Fargo said it would increase its minimum wage to $15 an hour, and plans to allocate $400 million in donations to community and nonprofit organizations in 2018.
  • Boeing committed $300 million for charitable giving, employee development programs and "workplace of the future" facilities and infrastructure enhancement.
  • NBCUniversal said it would award $1,000 in bonuses to more than one hundred thousand eligible frontline and non-executive employees.

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