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1/12/2018 |
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Wal-Mart tags $700 million of tax benefits to boost employee pay, cash bonuses |
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By Kim Souza
TBP
Wal-Mart stores joins a growing list of companies from AT&T to Home Depot applying some of its tax benefits from the new tax reform bill signed by President Donald Trump late last year to expand employee benefits.
The retail giant said Thursday (Jan. 11) it will raise starting wages to $11 from $10 an hour, an investment of roughly $300 million. Employees will also receive a one-time cash bonus from $200 to $1,000 to eligible employees, depending on the length of service. The cost of the added bonus pay is projected at $400 million. The bonuses are on top of the company's MyShare bonus program for store employees and the annual performance bonus received by home office professionals.
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