UNITED NEWS INTERNATIONAL (UNI) — Walmart plans to boost pay and dole out bonuses in light of new federal tax cuts.
The Arkansas-based retail giant says starting pay will increase to $11 an hour in February. Meanwhile, one-time cash bonuses — which will be based on seniority — max out at $1,000.
Walmart employs over a million hourly workers in the United States. The company’s attributing its newfound windfall to the tax bill U.S. President Donald Trump signed in December.
The new law, among other things, permanently cuts the federal corporate tax rate from 35 percent to 21 percent.
Democrats in Congress unanimously opposed the plan, saying it will benefit the wealthy while doing little for the middle class.
The White House, however, has been pointing to a growing list of companies providing their employees with what it has dubbed a “Trump Bonus” or a “Trump Pay Raise” as a result of the measure.