As a result of President Trump’s successful tax cuts, Walmart is boosting their minimum wage and handing out $1k bonuses.
As reported by USAToday
Walmart is boosting the minimum hourly wage for its U.S. employees to $11 and dishing out bonuses of up to $1,000, crediting President Trump’s tax cut for enabling the move.
The increase for the nation’s largest private employer also comes amid political pressure to bolster minimum wages and comes amid a hot streak for the retailer.
The big-box store chain, which has more than 1 million U.S. hourly employees, will reap a windfall from the U.S. corporate tax rate cut to 21%, down from 35%.
“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” Walmart CEO Doug McMillon said in a statement. “It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”
The move also comes amid a 17-year low for the U.S. unemployment rate, which has intensified competition for workers.
McMillon said Trump’s corporate tax cut “gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.”