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Walmart will end quarterly bonuses as it increases hourly wages for store employees and other workers.
A company spokeswoman confirmed on Thursday that the big box retailer eliminates the extra salary on January 31, 2022 and charges it in the base salary of its workers. The bonuses, scattered four times a year, have been paid for decades.
Walmart spokeswoman Anne Hatfield said the change will make compensation more consistent and predictable for employees. The development was first reported by The Wall Street Journal.
Walmart announced the pay structure in a note to employees last week. He declined to provide a copy of the note, saying it was an internal communication.
The latest announcement comes as a result of another salary change. Walmart announced last week that it would raise its minimum wage to $ 12. He said this would mean at least a dollar increase in hourly wages for more than 565,000 store workers.
Walmart’s average US hourly wage is now $ 16.40, according to John Furner, Walmart’s CEO
Many companies have raised wages and sweetened their benefits as they try to attract and retain workers in a competitive job market, but Walmart has lagged behind other retailers such as Target and Amazon that have already raised their starting wages to $ 15. per hour.
Walmart has highlighted other benefits, including a program that covers the cost of college tuition and textbooks for employees.