On Thursday, Walmart announced that it would raise its minimum wage for its hourly workers in the U.S., citing the recent Republican tax reform bill as the catalyst. The company’s U.S. employees will, starting in February, earn a minimum of $11 an hour, Reuters reports.
Walmart is the world’s largest private employer and retains more than a million hourly employees in the United States.
In a press release, Walmart CEO Doug McMillon said the new tax law enables the company to provide “better wages and training for associates and investments in the future of our company.” Walmart will also offer more comprehensive parental leave benefits and disburse a one-time prorated bonus to certain workers.
Reuters notes that AT&T, Boeing, and Wells Fargo have made similar pledges after President Trump signed the Republican tax bill, which cut the corporate tax rate by 14 percent.
Source:: The Week – Business