Additional Salary Up to 1.3 Million KRW for Employees with 20 Years of Service
From now on, part-time workers at the American retail giant Walmart will also receive bonuses of up to 1.3 million won.
Walmart announced on the 6th (local time), just before its annual shareholders' meeting, that it will pay bonuses to part-time workers as well. This opens the door for approximately 700,000 part-time employees to receive up to $1,000 (about 1,365,000 won) in additional annual pay. It is the first among U.S. retail companies to do so.
Walmart explained, "The longer part-time workers stay at Walmart, the more likely they are to receive bonuses." Full-time employees who have worked at Walmart for one year can receive bonuses of up to $350 (about 470,000 won), and those with more than 20 years of service can receive up to $1,000 (about 1,365,000 won).
Earlier, Walmart raised the average annual salary of store managers from $117,000 (about 159.67 million won) to $128,000 (about 174.68 million won) starting this January.
Walmart’s decision to raise wages for workers, including part-time employees, is due to the recent intensifying competition among companies for employment. Neil Saunders, Managing Director of market research firm GlobalData, told The Washington Post (WP), "The new bonus program could help with employee retention and recruitment," adding, "It may not resolve all complaints about compensation, but it can slow them down to some extent."
As of the end of last year, Walmart is the largest employer in the United States, employing 1.6 million people. Walmart operates more than 4,600 stores within the U.S. alone. Last year, Walmart raised its minimum wage to $14 per hour (about 20,000 won), increasing the median employee pay to $27,642 (about 37.73 million won). The median salary last year was $26,686 (about 36.43 million won).
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