On the heels of the U.S. tax overhaul, the world’s largest retail Walmart (NYSE:WMT) announced Thursday it plans on sharing the new wealth to its employees.
The company said it will raise its U.S. wages, give out one-time bonuses, and expand hourly maternity and parental leave for more than one million hourly associates at the discount chain.
“We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders,” Walmart’s president and CEO Doug McMillion said in a statement
And, the good news is that is not just about wages and bonuses. The company released a slew of new improvements it’s making as one of the world’s largest employers.
The company said it will be giving a one-time bonus to all eligible full and part-time hourly associates in the U.S. The amount of the bonus will be based on length of service, with associates with at least 20 years qualifying for $1,000.
2. Increased Wages
Beginning Feb. 17th, Walmart will increase its starting wage rate to $11 an hour. The change is in addition to wage increases already planned for many U.S. markets in the coming fiscal year and the increase applies to all hourly associates in the nation, including stores, Sam’s Clubs, e-commerce, logistics and Home Office, the company said.
3. Parental and Maternity Leave
Walmart said it has expanded its parental and maternity leave in the U.S. with 10 weeks of paid maternity leave and six weeks of paid parental leave. Salaried associates will also receive six weeks of paid parental leave.
4. Adoption Services
Walmart added that it will provide financial assistance to associates adopting a child. The adoption benefit, available to both full-time hourly and salaried associates, will total $5,000 per child and may be used for expenses such as adoption agency fees, translation fees and legal or court costs.