More than 1 million USA workers will be getting a raise next month when Walmart hikes its pay scale for store employees. Among other changes, it said full-time employees would be able to carry over up to 80 hours of paid time off from one year to the next. Under the plan, Wal-Mart will pay for 50 percent of a worker’s average weekly wage up to $200 for up to 26 weeks.
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-New entry-level associates hired after January 1 will continue to start at $9/hour and will move to at least $10/hour after successfully completing the company’s new retail skills and training program.
The steps are part of a previously outlined two-year US$2.7 billion investment in wages, benefits and training. Walmart expects operating profits to decrease by $1.5 billion in its fiscal year ending January 2017.
After all of these increases, Walmart said its average full-time hourly rate will be $13.38 per hour for full-time workers and $10.58 per hour for part-time workers. Last year, before the changes, the average full-time hourly wage was $12.85 and $9.48 for part-time. It increased the pay of 500,000 Walmart workers to at least $9 per hour. The survey was done last summer. Wal-Mart Stores Inc was the topic of 37 analyst reports since August 14, 2015 according to the firm StockzIntelligence Inc. Chelsea Counsel Company increased its position in Wal-Mart Stores by 1.3% in the third quarter.
In other Wal-Mart Stores news, Director Timothy Patrick Flynn purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, December 2nd. Rather than bump pay when workers hit their anniversaries as planned, the company recently chose to instead hike all store employees’ pay on the same day, February 20.
Sit Investment Associates Inc, which manages about $6.54 billion and $5.34 billion US Long portfolio, upped its stake in Alexandria Real Estate Eq (NYSE:ARE) by 330,280 shares to 330,755 shares, valued at $29.89M in Q4, according to the filing.
The retail giant is raising the starting rate of its hourly pay bands across the spectrum. When the plan rolls out in March, both full- and part-time associates will earn PTO based on tenure and hours worked. Last year, some workers said the widespread raises had the unintended effect of hurting morale, as longtime employees saw smaller raises than relative newcomers, or no raises at all. Any unused hours at the end of the year above the limits will automatically be paid to hourly workers in the first paycheck every February. The company is also offering an enhanced plan, which it says costs less than the prior voluntary plan while providing more coverage.
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