In a landmark move, Walmart announced on Wednesday that its store employees, for the first time, are now eligible for an annual financial bonus of up to $1,000.
This bonus scheme extends to both part-time and full-time employees, including those working in the company's pharmacy and eye care centers.
The bonus amount is contingent on the performance of the store and the employee's tenure with the company. For instance, a full-time employee who has been with Walmart for between one and nearly five years can earn an additional $350 per year. In contrast, a full-time employee with a 20-year tenure can earn a maximum bonus of $1,000, according to Walmart. The company estimates that this new bonus plan will benefit approximately 700,000 U.S. workers.
Earlier this year, Walmart declared that its U.S. store managers would be eligible for up to $20,000 in Walmart stock grants annually.
In addition to the bonus scheme, Walmart has launched a training program for hourly workers in its U.S. stores and supply networks. This program aims to provide these workers with the opportunity to transition into roles in facilities maintenance, refrigeration, heating, ventilation, air conditioning, and automation. These positions offer pay rates ranging from $19 to $45 per hour, with workers receiving pay during their training, as reported by Walmart.
The starting wages for Walmart's U.S. workers currently range from $14 to $19 per hour. Over the past five years, the company has boosted hourly wages by 30%, resulting in an average wage of $18 for store associates, Walmart stated.
This report was compiled by Khristopher J. Brooks, a reporter for CBS MoneyWatch. Brooks' previous experience includes reporting for the Omaha World-Herald, Newsday, and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports, and bankruptcy.
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