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Walmart to raise employee salaries by 17%

The retailer expects these raises will bring the average hourly wage to more than $17.50.

U.S. retailer Walmart announced an average 16.6 percent pay raise for employees. The initiative is part of a program to "strengthen the workplace and invest in employees."

"We expect these raises will bring our U.S. average hourly wage to more than $17.50." - commented John Ferner, president and CEO of Walmart. The average wage will rise in March from $12-18 to $14-19.

Analysts note that a growing number of U.S. companies are announcing pay raises for rank-and-file employees amid high inflation. At the end of November, salaries in the U.S. rose by an average of 5.5%. The inflation rate in the country at the end of 2022 was 9.1%.

Earlier the Japanese fashion retailer Uniqlo announced record salary increases. Fast Retailing, which runs the business, decided to raise domestic wages by an average of 20-40%.

The announcement of the wage increases at Walmart is one of four steps the company takes toward creating and investing in jobs. "We're focused on investing in you - our store associates - through higher wages and new opportunities to gain the skills to serve tomorrow's customers and grow a career with Walmart," the company commented.

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