Walmart To Raise Starting Wage To $11, Citing Tax Cuts

Walmart giving employees $1000 bonuses, raising minimum wage

Early Thursday morning, Walmart President & CEO Doug McMillon, published a note to his associates on the recently passed Tax Reform.

Its rival Target had raised its minimum hourly wage to $11 in October and said it would raise wages to $15 by the end of 2020.

"I would've been astounded if they hadn't raised wages, " said Thomas Kochan, at professor at MIT's Sloan School of Management. "What's impossible to sort out is how much of this is because of savings from the tax cuts and how much is because of pressure they're receiving from employees and labor groups".

"The standard theory would suggest that in the early years of a corporate tax cut the majority of the benefits accrue as a windfall to the owners of the business and only over time do those benefits translate into gains for workers as well", Greenberg explained. Capital One announced Thursday it's increasing its minimum hourly wage to $15. But experts are more doubtful that there's a connection.

Rising wages reflect a generally tight labor market.

Walmart (WMT), the nation's largest employer, with 1.5 million USA workers will allow the majority of those employees, 1 million, to share in the benefits of the largest sweeping tax reform in three decades.

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But it wasn't all good news.

Later on Thursday, a Walmart official said it is closing 63 Sam's Club stores nationwide.

"After a thorough review of our existing portfolio, we've made a decision to close a series of clubs and better align our locations with our strategy", Sam's Club said on Twitter.

"Instead of taking Walmart at its word, we would hope that the Members of Congress, civic and state leaders, and the media, ask Walmart for actual facts about what this means for workers", Parraz said.

"Today, we are building on investments we've been making in associates, in their wages and skills development".

Walmart will share details regarding how the new tax law, which slashes the corporate tax rate from 35% to 21%, will affect the company when it posts quarterly earnings on February 20.

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Lindsey Graham, R-South Carolina, called last week for the Justice Department to launch a criminal inquiry into Steele. Simpson had previously declined to answer another question posed by the committee's investigators, citing "security".

"We want to thank them", Treasury Secretary Steven Mnuchin said of Walmart's decision. Up to 12 are being converted into distribution centers to handle online orders, the company said late Thursday.

Garrett believes that the Walmart pay raise is indicative of an overall better atmosphere for business, broadly speaking, "and certainly for Valley businesses, with the corporate tax cut and the recent presidential report on rural business initiatives".

Comcast said on December 20, 2017 that it would give $1,000 holiday bonuses to more than 100,000 employees. The one-time cash bonuses, will cost the company about $400 million, or about 0.08 percent of its annual revenue.

"The fact is that Walmart is not permanently investing the estimated $2 billion it will receive annually from Trump's tax giveaway to its workers - it is keeping nearly all of it, " Randy Parraz, director of Making Change at Walmart, a campaign run by the United Food and Commercial Workers International Union, said in a statement.

Even with the wage bump, many workers will struggle if they're the sole breadwinner.

Christine Owens, the National Employment Law Project's executive director, described the new benefits as a "lowball announcement by Walmart". A rate of $11 an hour translates to $22,000 a year for a typical 40-hour week, with two weeks of unpaid vacation time. That's below the national poverty line for a family of three.

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Glenmede Trust Company Na decreased Remax Holdings Inc Cl A (NYSE:RMAX) stake by 11,182 shares to 32,318 valued at $2.05M in 2017Q3. Gems, who lives in Gettysburg, Pennsylvania, said via email that more is needed from the retailer. The firm also said it would give a one-time $1,000 bonus to more than 13,500 employees.

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