ARMAGEDDON? Walmart to RAISE US WAGES After GOP Tax Cuts

Walmart giving employees $1000 bonuses, raising minimum wage

Walmart didn't explain exactly how the sliding scale will work, but said the total value of the bonuses will be $400 million.

Target in September announced plans to raise its minimum wage by 2020 and now boasts an $11 starting pay.

The tax bill, which lowered the corporate rate from 35 to 21 percent, also prompted the company to expand its maternity and parental leave policy and provide financial assistance to employees planning to adopt.

"Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.", said chief executive Doug McMillon.

Without saying exactly how recent changes in USA tax law will affect the company, Walmart acknowledges that the new law "will create some financial benefit for the company".

The wage increase announced Thursday by Walmart benefits all hourly US workers within its stores, Sam's Clubs, eCommerce, logistics and home office.

The retailer also said it was expanding maternity and parental-leave benefits, as well as creating a new benefit to assist with adoption expenses.

Unlike other retailers, which reported holiday sales in recent days, Walmart did not disclose the specific impact of the tax law changes on its earnings.

CEO Doug McMillon said in prepared remarks that it would be "clear and consistent" for the company to put more money toward goals such as lower prices and technology upgrades.

With the national unemployment rate at 4.1 percent, a 17-year low, there are more job openings in the retail industry than at any time since the turn of the century, government data show.

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The minimum wage increase takes effect next month and represents an incremental increase of $300 million to the company's plan for the next fiscal year.

Treasury Secretary Steve Mnuchin thanked Walmart in a press conference with reporters on Thursday for investing its tax savings in raising its minimum wage. Officials said the $1,000 bonus would go to those with 20 or more years of Walmart employment.

Walmart in 2015 spent $1 billion to lift their pay to $9 an hour, and then boosted it by another dollar the following year - but only for those employees who complete a 90-day training course.

"A fairer and more competitive tax code will give retailers the ability to modernize stores, invest in their workforce and continue to transform the shopping experience for consumers", he continued. The minimum wage increase goes into effect February 17.

Wal-Mart Stores, Inc. has a one year low of $65.28 and a one year high of $102.35.

The airline said on January 2 that it would give 130,000 employees a $1,000 bonus because of the new tax law.

"A better solution would be to raise the federal minimum wage and not leave it up to corporations", Gould said. Employees are also getting a one-time bonus of up to $1,000.

Walmart is the latest company to announce bonuses in light of the Republican tax overhaul.

Walmart says that this is only the start of its plans to offer more benefits to its employees.

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