(Reuters) - Wal-Mart Stores Inc (WMT.N) said it would raise entry-level wages to $9 an hour, a 24 percent increase from the U.S. minimum wage that some employees now earn, succumbing to longstanding pressure to pay its workforce more.
The world's largest retailer said the increases would cost it $1 billion and impact 500,000 employees, or about 40 percent of its workforce, although the hike falls short of what some labor groups have been agitating for.
The move comes amid a growing debate in the U.S. over the widening gulf between the rich and low-income workers. Wal-Mart has been a prime target of critics who say its low-wages and inflexible scheduling are a big part of the problem.
The White House praised the move, pointing out that 17 states have already moved to boost their minimum wages above the federal level of $7.25 an hour and renewing its call on the Republican Congress to boost the wage on a national level.
"But given their recalcitrance on this because Republicans keep blocking it, we’re going to continue to keep making progress in other ways,” White House spokesman Eric Schultz told reporters.
* * * *
Also, Happy Chinese New Year of the Sheep!
No comments:
Post a Comment