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Photo: Robyn Beck / AFP via Getty Images

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.

Go deeper

Updated 2 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.

5 hours ago - World

At least 2 dead after Tonga volcano eruption and tsunami

A satellite image of the explosive eruption of the Hunga Tonga-Hunga Ha'apai volcano on Saturday. Photo: UNICEF/NOAA

At least two people are confirmed to have died in Tonga following the undersea volcanic eruption that sent tsunami waves toward the island nation and across the Pacific over the weekend, officials said Monday.

The big picture: Officials reported major damage along the western coast of the main island of Tongatapu, where the capital, Nuku'alofa, was covered in ash and dust, including on the runway of the airport. A New Zealand Ministry of Foreign Affairs spokesperson told Axios over the phone that two people had been confirmed to have died in the disaster.