Wal-Mart just announced that it will raise hourly pay for 500,000 of its associates.
In its earnings release, Wal-Mart said:
Approximately 500,000 full-time and part-time associates at Walmart U.S. stores and Sam’s Clubs will receive pay raises in the first half of the current fiscal year. Current and future associates will benefit from this initiative, which ensures that Walmart hourly associates earn at least $US1.75 above today’s federal minimum wage, or $US9.00 per hour, in April. The following year, by Feb. 1, 2016, current associates will earn at least $US10.00 per hour.
Wal-Mart said that for the full year, it will spend about $US0.20 per share in earnings on the new initiative to hire, train, and pay employees.
More to come …