Walmart will raise entry-level wages for U.S. hourly employees to $11 an hour. The layoffs went unaddressed but the wage increase attracted praise from the White House. “Walmart is the largest employer in the country and to see them make that kind of effort to over a million workers is a big deal... and I think further evidence that the tax reform and tax cut package are having the impact that we had hoped,” White House press secretary Sarah Sanders told reporters on Thursday.
U.S. Treasury secretary Steven Mnuchin also praised Walmart’s decision to raise wages. Walmart is likely to save billions of dollars from the new tax law, which slashed the corporate tax rate to 21 percent from 35 percent, and the wage hikes will cost the retailer only a fraction of those gains, analysts said.
Walmart’s announcement follows companies like AT&T Inc, Wells Fargo & Co and Boeing Co, which have all promised more pay for workers since the Republican-controlled U.S. Congress passed the biggest overhaul to the U.S. tax code in 30 years.
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