Wal-Mart Stores, Inc. (NYSE:WMT) is bumping up its workers’ salaries to improve the company’s business.
The company said that salaries are going up from $47,456 to $48,500 per year, which will make for happier manager, happier employees and happier customers. The move will affect more than 4 million U.S. workers.
Walmart recently raised its minimum wage to $10 an hour. Additionally, there is a new rule being passed by the Obama administration on Dec. 1 that will require employers to pay overtime to salaried workers who earn less than $47,500 a year, which is twice as much as the previous minimum of $23,660.
The $10 per hour pay bump for entry-level workers has been in place since September. The company has more than 1.5 million workers in the U.S., which includes managers, store clerks, truck drivers and more.
Walmart has yet to announce when it plans on releasing its figures for holiday hires that other companies have already planned, including JCPenney, UPS and Kohl’s.
The retailer is the largest one in the U.S., and it is working on using technology to advance its shopping with self-driving shopping carts. Hopefully these will not cause any accidents for shoppers or employees.
Walmart came under fire a couple of weeks ago for refusing a woman a birthday cake that would honor her father and the local police force, as he was retiring after a quarter of a century of service.
WMT shares is up 0.5% Wednesday.
