State of Tennessee Treasury Department owned about 0.05% of Wal-Mart Stores worth $125,689,000 as of its most recent filing with the Securities and Exchange Commission.
The opening price for Wal-Mart Stores, Inc.
Wal-Mart Stores Inc. said it would raise starting pay to $11 per hour for all its USA employees and hand out one-time bonuses as competition for low-wage workers intensifies and new tax legislation will add billions to the retailer's profits....
The company said the moves that will affect more than a million hourly workers in the USA are tied to recently enacted tax legislation that will save it money.
"Today, we are building on investments we've been making in associates, in their wages and skills development", said Doug McMillon, president and CEO.
President Donald Trump and his fellow Republicans have argued that the corporate tax cut will benefit workers and lead to more investment by United States companies.
The one-time bonus Walmart announced this morning amounts to just over 2 percent of the total value of the tax cut to the company.
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The nation's unemployment rate has also plummeted to 4.1 percent from 5.7 percent since Wal-Mart's first announcement of higher wages in 2015, creating a battle to recruit and retain cashiers and shelf stockers. Still, that's about a full percentage point lower than is typical in a healthy economy. The company had raised its starting wage to $9 an hour in 2015, and says workers could go up to $10 an hour after completing an entry-level training program.
Target announced it was raising its minimum wage to $11 last September and pledged to establish a $15 minimum wage by 2020. Fine. But what's the deal with the $1,000 bonus?
Walmart said that the one-time bonus will be given to all eligible full and part-time hourly USA employees. Last quarter, the Bentonville, Arkansas-based company posted its strongest US sales gain in more than eight years.
Parental leave has been another area in which retailers including Target and Ikea have been trying to offer better benefits.
The world's largest retailer also is expanding maternity and parental leave benefits for all full-time employees.
Wal-Mart said the new tax law will create "some financial benefit for the company" and that is it is in the early process of assessing additional investments. The firm owned 1,608,511 shares of the retailer's stock after selling 591,825 shares during the period.
One-time payouts are far less valuable to employees than permanent pay raises.
Labour groups have said that past rises in wages at the retailer have led to a cut in work hours for employees as the company sought to offset the impact on profits.