Walmart lowers starting pay for some new hires
Previously, personal shoppers and stockers had higher starting wages
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Walmart is changing its starting pay structure for certain new hires amid a slowing job market.
All new hires are now being paid the same hourly starting wage barring a few exceptions, according to Walmart.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 60.46 | +0.36 | +0.61% |
Previously, newly hired personal shoppers and stockers had been given a higher starting wage, but now wages are consistent across the store except for those who work in the deli, bakery and auto care centers, Walmart said.
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Those roles will still receive higher starting pay given that it takes a higher skill level, according to Walmart.
A Walmart in Atlanta, Georgia, on Feb. 19, 2023. (Photographer: Dustin Chambers/Bloomberg via Getty Images / Getty Images)
Walmart said this change does not result in any pay cuts to current employees. Its minimum starting wage will also remain at $14. However, starting wages differ depending on where the store is and can be as high as $19, the company added.
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Walmart spokesperson Anne Hatfield said in a statement that making starting pay consistent "results in consistent staffing and better customer service."
When Walmart changed the entry pay structure, it simultaneously gave 50,000 more experienced workers nationwide a pay bump.
A Walmart location on 2844 North Broadway Street ahead of permanently closing in Chicago, Illinois, US, on Wednesday, April 12, 2023. (Christopher Dilts/Bloomberg via Getty Images / Getty Images)
Still, the move comes as companies try and lower their overhead amid the cooling job market.
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U.S. job growth continued at a moderate pace in August while the unemployment rate unexpectedly jumped, a sign that the labor market is finally cooling in the face of rising interest rates and chronic inflation.
FOX Business' Megan Henney contributed to this report.