Walmart CEO to Do Away With Minimum Wage

McMillon said less than 1% of Walmart workers make minimum wage

By Karl Utermohlen, InvestorPlace Writer Oct 17, 2014, 3:16 pm EDT October 17, 2014

Walmart (WMT) will soon pay salaries well above minimum wage to all of its employees.

CEO Douglas McMillon announced that the retailer plans on paying all of its workers more than the $7.25 an hour federal minimum.

Walmart has yet to announce when this move will take place but McMillon said that less than 1% of the company’s U.S. employees currently make minimum wage. This amounts to 6,000 of the retailer’s 1.3 million U.S. workers.

“It is our intention over time that we will be in a situation where we don’t pay minimum wage at all,” McMillon said. He has yet to give details on how much Walmart’s minimum pay will be.

WMT stock is up 0.4% Friday afternoon.

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