Christmas is coming late (or really early if you want to look at it that way) for about 425,000 Walmart employees who will be getting a raise to at least $15/ hour.
The pay raise comes on the heels of a great year for America’s largest employer, driven by pandemic induced e-commerce and grocery growth. Did Walmart’s US CEO John Furner listen to one too many Bernie Sanders speeches and start believing in redistribution? Not quite…
Walmart, who employs 1.5 million hourly workers in the U.S., is in stiff competition for warehouse and retail workers with Amazon, who added 500,000 employs last year alone.
- Amazon raised its starting wage to $15 an hour in 2018.
- Target and Best Buy raised their starting wages to $15 in 2020.
- Not everyone at Walmart will be making $15 an hour, depending on the region workers will get a pay bump to between $13 and $19 an hour.
Big Picture: Let's be real, Walmart can afford to give their workers a raise: their revenue reached a record high of $152.1 billion in the fourth quarter.