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Walmart Employee Bonuses Totaling $560 Million Paid

Walmart Employee Bonuses Totaling $560 Million Paid
(Alexey Novikov/Dreamstime.com)

By    |   Thursday, 08 March 2018 03:27 PM

Walmart employee bonuses totaling more than $560 million were paid to 890,000 employees, the company announced Thursday, including $400 million it pledged after tax reform was passed in December 2017.

Walmart said in December that it would give bonuses of up to $1,000 to its hourly workers, adding in January that it would also raise its starting wage to at least $11 for all hourly associates in the U.S. and expand other benefits, News Chief reported.

Maternity and parental leave benefits are being increased, and an adoption assistance benefit of $5,000 for each child adopted will also be available, Fox8 reported. Walmart also paid more than $300 million in unused paid time off (PTO) to employees recently.

About $625 million in bonuses was paid over the full fiscal year, Fox8 reported.

According to the New York Daily News, Walmart reported profits in 2017 of $20.5 billion before taxes and paid about 30 percent of that amount in taxes, or nearly $7 billion. The company is expected to gain $1.85 billion from the tax cut, and that number may grow over time.

The company also closed 63 Sam's Club locations across the U.S. in January and February, impacting 9,400 employees, Business Insider reported.

"After a thorough review, it became clear we had built clubs in some locations that impacted other clubs, and where population had not grown as anticipated," Sam's Club CEO John Furner said in an email, BI reported. The company planned to convert some closed locations into eCommerce fulfillment centers, which would bring back some jobs.

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Walmart announced Thursday that it has paid more than 890,000 employees cash bonuses of more than $560 million, including $400 million it pledged after tax reform was passed in December 2017.
walmart, employee, bonuses, paid
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2018-27-08
Thursday, 08 March 2018 03:27 PM
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