Walmart to hike wages for 425,000 workers to average above $15 an hour

Walmart’s U.S. workforce numbers about 1.5 million people, making it the nation’s largest private employer.

By Lauren Thomas, CNBC

Walmart announced Thursday it will raise pay for workers to an average above $15 an hour, giving a boost to 425,000 employees.

Walmart said its minimum starting wage for workers will remain at $11 an hour. Its U.S. workforce numbers about 1.5 million people, making it the nation’s largest private employer.

The big-box retailer made the announcement as it reported holiday-quarter earnings that fell short of Wall Street’s expectations, weighed down by coronavirus-related expenses and heightened investments in e-commerce. Walmart also cautioned that it expects its sales growth to moderate this year.

Beginning March 13, the company said, pay for store workers in digital and stocking positions will go up to $13 to $19 an hour, depending on store location.