Walmart on Thursday announced that it will increase the starting wage rate for hourly employees to $11 and provide additional benefits to other workers in the wake of the $1.5 trillion tax-cut package Congress passed last month.
“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,” said Doug McMillion, the company’s president and CEO.
“Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S,” he said.
The company also said it is expanding maternity and parental leave benefits, providing one-time cash bonuses of up to $1,000 for certain employees, and creating a new adoption expense benefit.
A number of companies have announced bonuses or new benefits in recent weeks, citing the tax package. Among other measures, the new law lowers the corporate tax rate from 35 percent to 21 percent.
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