Walmart boosts pay for one million U.S. workers, tax reform is the reason why
Walmart (NYSE:WMT), the nation’s largest employer, with 1.5 million U.S. workers will allow the majority of those employees, 1 million, to share in the benefits of the largest sweeping tax reform in three decades.
The retailer is boosting starting hourly wages to $11 an hour. Additionally, the retailer will give one-time $1,000 bonus payments to workers, depending on length of service at the company. It is also extending maternity and parental benefits. The changes take place in February.
“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” said CEO Doug McMillon in a statement on Thursday.
Walmart joins other major S&P 500 companies that have rewarded employees after the passage of President Trump’s tax reform package which lowers the corporate tax rate to 21% from 35% and provides tax breaks for most American workers.
AT&T (NYSE:T), Comcast (NASDAQ:CMCSA), Boeing (NYSE:BA) and Bank of America (NYSE:BAC) are among the companies that have rolled out extra perks and payouts in recent weeks all tied to tax reform benefits.