Walmart Stores Inc. is raising its starting wage for employees to $11 an hour.
Bentonville, Arkansas-based Walmart’s CEO, Doug McMillon, announced the news in a letter to employees posted Jan. 11 on the company’s blog. The news came on the same day media outlets reported Walmart was closing 63 of its Sam’s Club warehouse stores.
In the letter, McMillon traced the wage hike to the new tax reform bill passed by Congress. “Given these changes, we have an opportunity to accelerate a few pieces of our investment plan. We plan to continue investing in you, in our customers through lower prices, and in our future — especially in technology to help improve your jobs and the experience for our customers.”
The wage increase will take effect in February, McMillon wrote.Walmart employees who won’t benefit from the wage increase will receive a one-time bonus ranging from $200 to $1,000, depending on their tenure with the company.