Walmart raises average hourly wage to $17.50
The largest employer in the United States is raising wages for its workers.
A company announcement was made Tuesday about the move to raise Walmart associates' average hourly wage to more than $17.50.
Walmart's new minimum wage is $14, up from $12. That's about a 17% jump according to CNBC.
According to the announcement, the raise includes a mixture of associates' regular annual increases and targeted investments in starting rates.
Three other changes were also made, including investing in Auto Care Center employees, adding new college degrees and certificates to Walmart's education program and the expansion of its Associate-to-Driver program.
Walmart Inc. reported revenue of $572.8 billion during the 2022 Fiscal Year and employs more than two million people.
According to the Fortune Global 500 list, Walmart is the largest company in the world in terms of revenue and the world's largest private employer.