Wal-Mart President and CEO Doug McMillon said in a statement Thursday it will raise its starting wage to $11 per hour and will give employees a bonus of up to $1,000, citing the Tax Cuts and Jobs Act of 2017, which was signed by President Donald Trump a few weeks ago.
The bonuses will be based on the length of employment, with a minimum of $200 for employees who worked less than two years at Wal-Mart and a maximum of $1,000 for employees worked there for over twenty years.
McMillon also noted that the world’s largest employer, with two million employees, is actually “early in the stages of assessing the opportunities tax reform creates” for it to invest in its customers and associates.
The Arkansas-based company will also be expanding its parental and maternity leave policy by offering full-time hourly employees ten weeks of paid maternity leave and six weeks of paid parental leave. Salaried workers will also receive six weeks of paid parental leave.
Wal-Mart, which topped the Fortune 500 list for the fifth year in a row in 2017, also announced that it will contribute $5,000 toward the cost of adoption, which on average ranges from about $34,000 to $40,000.
Great news, as a result of our TAX CUTS & JOBS ACT! pic.twitter.com/SLvhLxP3Jl
— Donald J. Trump (@realDonaldTrump) January 11, 2018