Wages

How a higher minimum wage could help Walmart

Walmart in Chicago. Photo: Tim Boyle/Getty

If Walmart CEO Doug McMillon's public challenge to Congress to raise the federal minimum wage from $7.25 turns into reality, it could be a big boon for the retail giant.

What's happening: McMillon issued his call yesterday at Walmart's annual shareholder's meeting, saying the federal rate was "lagging behind." Among the upsides of such a move for Walmart...

Walmart CEO calls on Congress to increase "lagging" federal minimum wage

Walmart CEO Doug McMillan
Walmart CEO Doug McMillon. Photo: Rick T. Wilking/Getty Images

Walmart CEO Doug McMillon urged Congress to increase the federal minimum wage during the retailer's shareholders' meeting on Wednesday, saying that the nationwide standard of $7.25 per hour is "lagging behind."

The other side: Sen. Bernie Sanders, who was present at the meeting, said Walmart pays its employees "starvation wages" — the company's minimum wage is $11 per hour, which was instituted last year — and called for its employees to be paid $15 an hour.