Walmart, the world’s richest family with a fortune of $250 billion and the world’s largest employer with $2.3 million, is responding negatively to demands to raise the hourly minimum wage from $11.85 to $15.
As demand grows in the U.S. for an hourly minimum wage to be raised to $15, some businesses insist on low wages. One of these businesses is Walmart, the retail chain.
The company, the world’s largest employer with about 2.3 million people, is not raising the current minimum wage of $11.85 an hour despite workers’ demands.
TURNOVER IN 2020 IS 500 BILLION DOLLARS
Walmart, the world’s richest family with a fortune of about $250 billion, is responding negatively to demands for wage increases despite their company’s record $500 billion in revenue last year.
Bloomberg Businessweek magazine published a story on the subject titled “Walmart’s fight against the $15 minimum wage could put it in the inequality debate.”
The company has improved wages in recent years with additional payments, such as education and maternity leave payments, but has taken a risk by not accepting the $15 hourly minimum wage that some companies across the country have accepted, the report said.
About 1.5 million people work in Walmart stores across the U.S. The remaining about 800,000 people are employed in stores outside the United States.
Amazon, the e-commerce company that is one of the world’s largest employers after Walmart and employs more than 1 million people worldwide, raised the hourly minimum wage to $15.
Walmart increased its turnover by $35 billion in 2020 and announced a net profit of $22 billion.
U.S. President Joe Biden signed the resolution today raising the hourly minimum wage for contract workers at federal government agencies from $10.95 to $15.
The federal minimum wage in the United States has stood at $7.25 since 2007. There is strong demand to raise this figure to $15. Biden made that request a promise ahead of the election.