Walmart to end quarterly bonuses, boost minimum wage
(CNN) – Walmart is ending its quarterly bonuses for U.S. store workers at the end of January.
The company said it’s rolling the money into the base pay of associates.
News of the change came in a memo to employees.
Walmart has been offering bonuses based on store performance for decades but made them quarterly in 2007.
The company has been gradually phasing out the quarterly bonuses during the past year and is now eliminating them.
The news comes after Walmart announced last week it was raising its hourly minimum wage from $11 to $12, beginning Sept. 25.
The move will boost wages for more than 525,000 workers.
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