Wal-Mart, America’s largest retailer, announced Thursday that all full-time and part-time employees earn at least $9 per hour by April 2015 and at least $10 per hour by February 2016.
The federal minimum wage has been $7.25 since July 2009.
In its press release, Wal-Mart stated that the wage hike will affect all hourly workers, roughly 500,000.
“Today, we announced comprehensive changes to our hiring, training, compensation and scheduling programs, as well as to our store management structure. These changes will give our U.S. associates the opportunity to earn higher pay and advance in their careers. We’re pursuing a comprehensive approach that is sustainable over the long term,” Wal-Mart CEO Doug McMillon said Thursday.
McMillon also announced that over the next year Wal-Mart will be investing more than $1 billion to help ensure employee scheduling flexibility and opportunities for competitive health-care and 401(k) benefits and educational programs.
“Sam Walton knew that an inspired, dedicated team of associates was the way to exceed our customers’ expectations,” said McMillon. “He often said ‘Our people make the difference.’ I feel a big responsibility to carry on what that phrase represents: the care and commitment that Sam had for Walmart associates.”