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Walmart (WMT), the largest private employer in the United States, has for decades paid bonuses to its approximately 1.2 million hourly in-store employees based on store performance. The end of the practice means that while many workers will see their hourly wages increase in January, their total compensation next year may not look as rosy as initially perceived when Walmart announced the increases this week. last.
Walmart said eliminating quarterly bonuses would not offset the wage hike. The company said they were part of workers ‘wage increases and would be incorporated into employees’ higher hourly wages. Walmart also paid extra bonuses to workers during the pandemic.
“The overwhelming majority of our associates say that their hourly wage is the most important part of their salary and by integrating the bonus into the overall salary increase, associates receive a consistent and predictable salary,” the door said. Walmart spoke, Anne Hatfield, in an email.
The end of quarterly bonuses was first reported by the Wall Street Journal.
Walmart’s minimum wage will be $ 12 an hour as of Sept. 25, the company announced last week. This is less than the $ 15 per hour minimum at other major retailers such as Amazon (AMZN) and Target (TGT).
Walmart’s average wage is $ 16.40 an hour, according to the company.
Walmart and other big chains have raised wages, expanded benefits, and offered sign-up bonuses to lure workers into a tight labor market.
On Thursday, Amazon said it would offer to cover four-year tuition for most of its roughly 750,000 hourly workers in the United States, following similar measures taken by Walmart and Target.
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