Walmart raises minimum wages, starting with March paychecks

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CAE Inc. is a Canada-based technology company. The Company operates through three segments: Civil Aviation, Defense and Security, and Healthcare. The Civil Aviation training segment provides comprehensive training solutions for flight, cabin, maintenance and ground personnel in commercial, business and helicopter aviation, a complete range of flight simulation training devices, ab initio pilot training and crew sourcing services, as well as end-to-end digitally enabled crew management, training operations solutions and optimization software. The defense and Security segment provides training and simulation pure play focusing on ensuring mission readiness by integrating systems and solutions across all five domains for government organizations responsible for public safety. Healthcare segment provides healthcare students and clinical professionals innovative, integrated and virtual education and training solutions, including interventional and imaging simulations and curricular.

Walmart raises minimum wages, starting with March paychecks

8:39 am ET January 25, 2023 (MarketWatch) Print

By Tomi Kilgore

Minimum hourly wage is now $14 for store format jobs, $15 for Sam's Club and $16 for fulfillment centers

Walmart Inc. has announced minimum wage increases for hourly employees, ranging from $14 an hour for Supercenter employees to $16 an hour for those working in fulfillment centers.

Walmart (WMT) disclosed its new wages and other benefits in a memo to employees titled, "Continuing to strengthen our jobs and invest in our people."

"[A]s you continue to focus on your customers, we're focused on investing on you -- our store associates -- through higher wages and new opportunities to gain the skills to serve tomorrow's customers and grow a career at Walmart," the memo said.

The company said it expects the wage hikes to lift the U.S. average hourly wage to $17.50. The new wages will be reflected in March 2 paychecks.

Though wage rates are different depending on location and job role, the minimum wage range for roles at Walmart's stores, including Supercenter and Neighborhood Market formats, was raised to $14 to $19 an hour from $12 to $18 an hour. In comparison, Target's (TGT)minimum wage is $15 an hour.

For Sam's Club, which is Walmart's membership-based warehouse format, the minimum wage is $15 an hour. That compares with Costco's (COST)minimum wage is $16 an hour.

And for Walmart's distribution and fulfillment centers, the minimum hourly wage is $16 an hour. Amazon's (AMZN) minimum wage was raised to $15 an hour in 2018.

Walmart also said it was expanding its "Associate-to-Driver" program, to now be available for not just supply-chain employees but also for store employees. The program pays for employees to become truck drivers, who can earn up to $110,000 in their first year.

The company said it's also expanding its "Live Better U" education program by adding new college degrees and certificates. Walmart will pay 100% of tuition and fees for all of its employees to participate in LBU.

Walmart's stock slipped 0.1% in midday trading, but has tacked on 2.2% over the past three months. Meanwhile, Amazon's stock has shed 18.8% the past three months, Target shares have edged up 1.2% and Costco shares have eased 1.8%, while the Dow Jones Industrial Average has advanced 6.8%.

-Tomi Kilgore

(END) Dow Jones Newswires

January 25, 2023 08:39 ET (13:39 GMT)