Walmart is raising wages and giving bonuses, citing corporate tax cuts

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Quote from: Hydrogen on January 11, 2018, 09:14:27 PM

Quote

Walmart is boosting starting wages, providing a one-time bonus for employees and expanding benefits, the company said on Thursday, citing the tax cuts signed into law by President Trump last year. The company is also closing 63 Sam's Club stores, it announced Thursday.

Details: The bonus is based on length of service, with those who've worked 20 years eligible for $1,000. The company, which is the largest private employer in the U.S. and employs roughly 2.2 million people worldwide, is also raising its starting wage to $11 an hour. The current starting wage for store associates is $9 an hour. The company also said it plans to expand its maternity and paternity leave benefits.

The plan benefits more than a million employees, the company told Axios.

Several other large companies have also doled out bonuses and announced employee raises thanks to the new tax cuts:

Bank of America gave roughly 145,000 employees a year-end $1,000 bonus.
AT&T also gave $1,000 bonuses to more than 200,000 U.S. employees.
Fifth-Third Bancorp told Axios' Dan Primack that it will raise the minimum wage of its workforce to $15 per hour.
Wells Fargo said it would increase its minimum wage to $15 an hour, and plans to allocate $400 million in donations to community and nonprofit organizations in 2018.
Boeing committed $300 million for charitable giving, employee development programs and "workplace of the future" facilities and infrastructure enhancement.
NBCUniversal said it would award $1,000 in bonuses to more than one hundred thousand eligible frontline and non-executive employees.

https://www.axios.com/walmart-boosting-1515675530-f1641dc4-c92c-4002-ab00-b2e8cf35d540.html

....

I remember seeing a few threads posted in this section asking how corporate tax cuts might affect bitcoin & crypto in general.

This article provides one scenario. It appears corporate tax cuts could trickle down to workers and lower income brackets in a way that is both tangible and visible. This positive precedent could once again go against the grain, as far as the mainstream media goes. The media has doom and gloomed proposed corporate tax cuts, labeling them undue privilege to the wealthy and elites.

I think its important for people to recognize and comprehend these issues in some manner as it allows them to support the right policies which over the long term could benefit themselves, their friends and family. Would be nice if we could see more discussion & debate on this for sake of furthering our collective knowledge & education.

Taxing is necessary to keep running the government but if the taxes are too high that discourages economic activity, after all what is the point of taking all the risks of trying to create a business when the governments can just keep everything to themselves, so a balance must be reached, in my opinion governments are too big and if they do not change that they are going to suffer the consequences of a less dynamic economy.

Hydrogen

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Quote from: davis196 on January 12, 2018, 02:01:27 AM

I wish that all those people could buy cryptocurrencies with their bonuses,but with all the FUD from the media and heavier crypto regulations in the USA,i really doubt it.China as well is trying to implement corporate tax cuts,because they are afraid that the foreign investors will move to the USA.Tax competition between the big countries is good for the big corporations,but will the crypto industry benefit from it?

Greater consumer buying power could translate to greater collective sums of money thrown at crypto.

When wages are hiked it usually means higher average spending across the board, as far as I know.

Quote from: flippener on January 13, 2018, 06:19:14 AM

It's just misdirection. Do you think a low wage earner getting a bonus of $1000 after 20 years compares to the huge bonuses that the managers will give themselves? It's all just a big scam, and you're falling for it.

Managers are too low on the corporate food chain to give themselves bonuses.

Bonuses come from higher up the executive ladder.

Quote from: LeGaulois on January 13, 2018, 06:27:57 AM

I am not able to understand, where is the fun if only people working for over 20 years are eligible for this bonus? And if Walmart is raising wages from $9 (?) to $11 but at the same time closing 63 Sam's Club stores. It looks like only good for the company but nothing for the workers.

Retail stores are being destroyed by walmart and amazon on the basis of them cutting middle men out of their supply to distribution chain and being able to undercut prices. Walmart and amazon's growth come at the expense of retail stores which are forced to close down.

The wage hike and tax cuts have nothing to do with that, afaik.

LeGaulois

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I am not able to understand, where is the fun if only people working for over 20 years are eligible for this bonus? And if Walmart is raising wages from $9 (?) to $11 but at the same time closing 63 Sam's Club stores. It looks like only good for the company but nothing for the workers.

flippener

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Quote from: Hydrogen on January 11, 2018, 09:14:27 PM

This article provides one scenario. It appears corporate tax cuts could trickle down to workers and lower income brackets in a way that is both tangible and visible. This positive precedent could once again go against the grain, as far as the mainstream media goes. The media has doom and gloomed proposed corporate tax cuts, labeling them undue privilege to the wealthy and elites.

It's just misdirection. Do you think a low wage earner getting a bonus of $1000 after 20 years compares to the huge bonuses that the managers will give themselves? It's all just a big scam, and you're falling for it.

davis196

hero member

Activity: 3164

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I wish that all those people could buy cryptocurrencies with their bonuses,but with all the FUD from the media and heavier crypto regulations in the USA,i really doubt it.China as well is trying to implement corporate tax cuts,because they are afraid that the foreign investors will move to the USA.Tax competition between the big countries is good for the big corporations,but will the crypto industry benefit from it?

Hydrogen

legendary

Activity: 2562

Merit: 1441

Quote

Walmart is boosting starting wages, providing a one-time bonus for employees and expanding benefits, the company said on Thursday, citing the tax cuts signed into law by President Trump last year. The company is also closing 63 Sam's Club stores, it announced Thursday.

Details: The bonus is based on length of service, with those who've worked 20 years eligible for $1,000. The company, which is the largest private employer in the U.S. and employs roughly 2.2 million people worldwide, is also raising its starting wage to $11 an hour. The current starting wage for store associates is $9 an hour. The company also said it plans to expand its maternity and paternity leave benefits.

The plan benefits more than a million employees, the company told Axios.

Several other large companies have also doled out bonuses and announced employee raises thanks to the new tax cuts:

Bank of America gave roughly 145,000 employees a year-end $1,000 bonus.
AT&T also gave $1,000 bonuses to more than 200,000 U.S. employees.
Fifth-Third Bancorp told Axios' Dan Primack that it will raise the minimum wage of its workforce to $15 per hour.
Wells Fargo said it would increase its minimum wage to $15 an hour, and plans to allocate $400 million in donations to community and nonprofit organizations in 2018.
Boeing committed $300 million for charitable giving, employee development programs and "workplace of the future" facilities and infrastructure enhancement.
NBCUniversal said it would award $1,000 in bonuses to more than one hundred thousand eligible frontline and non-executive employees.

https://www.axios.com/walmart-boosting-1515675530-f1641dc4-c92c-4002-ab00-b2e8cf35d540.html

....

I remember seeing a few threads posted in this section asking how corporate tax cuts might affect bitcoin & crypto in general.

This article provides one scenario. It appears corporate tax cuts could trickle down to workers and lower income brackets in a way that is both tangible and visible. This positive precedent could once again go against the grain, as far as the mainstream media goes. The media has doom and gloomed proposed corporate tax cuts, labeling them undue privilege to the wealthy and elites.

I think its important for people to recognize and comprehend these issues in some manner as it allows them to support the right policies which over the long term could benefit themselves, their friends and family. Would be nice if we could see more discussion & debate on this for sake of furthering our collective knowledge & education.

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