An announcement of wage increases and bonuses from Walmart could spell good news for the Texas economy. Like twenty-one other states in the union, Texas’ largest private employer is Walmart, writing paychecks for a total of 171,531 Texans.
As RARE reports, Walmart will raise its starting wage to $11 an hour and expand their maternity and paternity benefits. The retailer will also offer employees a one-time bonus based on how long the employee has served the company.
A Walmart spokesperson provided details about the bonus to CNBC, stating long-term employees with over 20 years of loyalty will receive $1,000. Workers with 15-19 years of Walmart employment will receive $750, while those with 10-14 years of service will receive $400. Employees with 5-9 years dedicated to the company will receive $300, and those with 2-3 years will receive $250.
“Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.,” Walmart CEO Doug McMillon said in a statement. “We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders.
The retail giant will reportedly be upping their wage and handing out the bonuses in February.
Walmart employs about 1.5 million full-time workers across America, based on data compiled by 24/7 Wall St., which identified the top employer in each state, excluding governmental institutions.