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Walmart on Thursday said it is raising wages for approximately 425,000 employees to somewhere between $13–$19 an hour following a strong Q4.
Why it matters: The pay boost puts about half of all Walmart employees at $15 an hour or above, per Yahoo Finance.
- The move from the nation's largest private employer comes while Congress grapples over whether to include a $15 minimum wage in the next round of stimulus. President Biden supports the increase.
- The average wage for Walmart's workers will now come out to $15.25 an hour. The company-wide minimum wage is $11 an hour.
- The pay increases will take effect on March 13.
What they're saying: "We completed a strong year and a strong Q4 thanks to our amazing associates. They stepped up to serve our customers and members exceptionally well during a busy holiday period in the midst of a pandemic," Walmart CEO Doug McMillon said in a statement.