Money Walmart touts $1,000 employee bonuses, but there's a catch

09:50  13 january  2018
09:50  13 january  2018 Source:   Business Insider

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Walmart employees must have 20 years of employment with the company to get the full $ 1 , 000 cash bonus . × Recommended For You Powered by Sailthru. Walmart touts $ 1 , 000 cash bonus for employees — but there ' s a catch .

Walmart said Thursday that it’ s giving employees a one-time cash bonus of up to $US 1 , 000 . Only employees with 20 or more years of Walmart employment will get the full $US 1 , 000 . In a memo of talking points regarding the pay and benefit changes

Walmart said Thursday that it's raising starting wages for hourly employees to $11 and offering a one-time cash bonus of up to $1,000.

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Wal-Mart Stores Inc

WMT

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Jan. 11-- Walmart has announced an increase to its minimum wage and a series of bonuses in light of the Republican tax bill, but the bulk of its corporate tax cut still won't be trickling down to its workers. Walmart CEO Doug McMillon on Thursday said a wage hike to an hour would roll out in February

Walmart has announced an increase to its minimum wage and a series of bonuses in light of the Republican tax bill, but the bulk of its corporate tax cut still won’t be trickling down to its workers. Walmart CEO Doug McMmillion on Thursday said a wage hike to an hour would roll out

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The bonus will only go to employees who are not impacted by the wage increases — meaning they already earn more than $11 per hour.

Among that group of employees, only those who have worked for Walmart for 20 years or more will get the full $1,000, Walmart told Business Insider.

Here's how the bonus payout breaks down:

--$200: Less than 2 years of Walmart employment

--$250: 2-4 years of Walmart employment

--$300: 5-9 years of Walmart employment

--$400: 10-14 years of Walmart employment

--$750: 15-19 years of Walmart employment

--$1,000: 20 years or more of Walmart employment

The bonus will be included in employees' paychecks in March, according to a copy of a Walmart memo posted to Reddit.

Walmart verified the facts in the memo to Business Insider.

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Walmart is giving $ 1 , 000 bonuses to some employees , but there ' s a catch . In Thursday's Morning Jolt, TheStreet's Brian Sozzi and Scott Gamm discuss Walmart 's (WMT) employee bonuses and fears of Bitcoin being banned in South Korea.

Walmart , America’s largest employer, announced on Thursday that it will be joining the ranks of companies giving employees a $ 1 , 000 bonus this year, ostensibly in response to the recently passed Republican tax plan. But there ’ s a big catch .

Walmart also said Thursday that it was expanding maternity and parental-leave benefits, as well as creating a new benefit to assist with adoption expenses.

The company announced the pay increases and bonuses on the same day that it revealed it was closing 63 Sam's Club stores.

More than 11,000 employees are expected to lose their jobs as a result of the closures. Each Sam's Club store employs about 175 people, according to Walmart.

The company said late Thursday that fired employees would still be eligible for the cash bonus.

In the memo of talking points regarding the pay and benefit changes, Walmart instructed supervisors to describe the changes to employees as a "big, exciting deal."

"This is a big moment for Walmart!" the memo reads. "We work for an amazing company that is giving back to you who work every day to make a difference for our stores and our customers."

"Please add your personal comments and style to this conversation," the memo adds.

The Reddit user who posted the memo did not immediately respond to requests for comment from Business Insider.

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