Walmart Inc on Tuesday said it will raise average hourly wages for its U.S. store workers starting next month, as it seeks to attract and retain employees in a tight domestic labor market.
Walmart's move comes as U.S. wage growth
. Data from earlier this month showed average hourly earnings growth for U.S. workers slowed to 0.3% in December, compared with 0.4% in the prior month.falling to a 5-decade low of 3.5% in December and number of job openings far outpacing the number of unemployed. This has raised prospects that the U.S. Federal Reserve could further raise interest rates, putting further strain on minimum wage workers and household budgets.
The wage increases are a combination of regular annual increases and targeted investments in starting rates, the company said in a statement on Tuesday.the average pay for pharmacy workers to more than $20 per hour and said it would offer more frequent and automatic pay raises as part of a new "progressive wage model" to fight labor shortages. It has previously also raised pay for truck drivers and distribution center workers.
Reporting by Siddharth Cavale in New York and Uday Sampath in Bengaluru; Editing by Devika Syamnath and David Gregorio
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