Walmart Hikes Wages For 425,000 Workers

(RTTNews) - Retail giant Walmart Inc. (WMT) announced that it will increase wages of 425,000 employees to an average pay of $15 an hour.

Walmart, which is the country's largest private employer with a U.S. workforce of 1.5 million people, said, starting March 13 it will pay store workers who stock shelves or support its e-commerce business $13 to $19 an hour, depending on their role and store location. However, the retailer's minimum starting wage will remain $11 an hour.

Meanwhile, in an interview with CNBC's Courtney Reagan on "Squawk Alley," Walmart CEO Doug McMillon said the company supports the idea of increasing the federal minimum wage, which is $7.25 per hour. However, does not support President Joe Biden's plan to raise it to $15 minimum wage.

McMillon said Walmart will continue to raise its minimum wage over time, and will give pay increases to employees with key roles or more tenure.

"What we're trying to do is put together the opportunity for our associates to climb a ladder," he said.

On Thursday, Walmart reported a loss for the fourth-quarter, reflecting an increase in expenses related to COVID-19 and the company's decision to repay property tax relief in the U.K. Quarterly total revenues increased 7.3 percent. Adjusted earnings missed analysts' expectations, while quarterly revenues topped their estimates.