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Walmart is ending its quarterly bonuses in late October for hourly associates after its latest pay increases take effect.
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Last week, the Arkansas-based company announced that 565,000 hourly associates of stores that represent the front-end, food and consumables, and general merchandise workgroups will receive at least $ 1 more per hour.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| WMT | WALMART, INC. | 146.31 | -0.17 | -0.12% |
However, their quarterly bonus isn’t going to go away, it’s just rolled into their new hourly pay, Walmart said.
Walmart told FOX Business in a statement that “the quarterly bonus is only part of the salary increase associates receive” and that this adjustment gives employees more predictability in terms of salary.
Walmart store (iStock / iStock)
“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 spokesperson said. word.
In the past year, Walmart has issued wage increases for 1.2 million hourly employees, which includes increasing the average hourly wage to $ 16.40.
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The increases took place in three phases. With each increase, the company claims to have built employees’ quarterly bonuses into their hourly wages, essentially making up the difference.
In September 2020, the company granted raises to more than 165,000 associates, including team leaders, a newly created hourly supervisor position, as well as for his specialist roles in the bakery and deli departments and auto maintenance centers.
About five months later, Walmart granted increases to another 425,000 storage and digital associates.
About 75% of the company’s salaried store, club and supply chain management teams in the United States started with an hourly role, CEO John Furner previously said.
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