Walmart workers win pay rise after Trump tax cuts

Walmart workers win pay rise after Trump tax cuts

The company said the change is in addition to wage increases already planned for many us markets in the coming fiscal year. Currently, Walmart's starting wage is $9, which goes up to $10 once employees complete a training program.

Donald Trump and his fellow Republicans have argued that the big corporate tax cut will benefit workers and lead to more investment by USA companies.

The changes follow the passage of the GOP-backed tax reform legislation last month.

Walmart has gained 1.16% so far this year.

Walmart previously raised its minimum pay for most employees to $10 an hour in 2015. The company added that they will offer financial assistance to their associates who decide to adopt a child; the credit will total $5,000 per child and may be used for expenses such as adoption agency fees, translation fees, and legal costs.

Walmart said that the one-time bonus will be given to all eligible full and part-time hourly USA employees.

The company said the moves that will affect more than a million hourly workers in the USA are tied to recently enacted tax legislation that will save it money.

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Walmart's combined wage and benefit changes will benefit the company's more than 1 million US hourly associates. The company said its new wage hike will be effective for the February 17 pay cycle.

"Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.".

Walmart employs about 2.2m people globally, with more than 1.5m in the United States, and had total global revenue of almost $500 billion previous year.

The hike announced today will also increase the average hourly pay for full-time employees to $14.50 from a current $13.85.

The one-time bonus will amount to $400m in the current fiscal year and the company will take a one-time charge in the fourth-quarter of the current fiscal year to account for the charge.

Shares of the company were down 0.52 percent at $99.15 in early trade.

Walmart on Thursday promised full-time hourly USA employees 10 weeks of paid maternity leave and six weeks of paid parental leave.

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