Walmart Pays Out Associate Bonuses
More than 890,000 Walmart U.S. associates are getting their cut of $560 million in total cash bonuses, including more than $160 million based on their stores’ fourth-quarter performance, and more than $400 million in one-time cash bonuses related to the recently passed Tax Cuts and Jobs Act.
In January, the Bentonville, Ark.-based mega-retailer revealed plans to boost the starting wage for all hourly U.S. associates to a minimum of $11, expand maternity and parental leave benefits, and pay a one-time cash bonus for eligible associates of a much as $1,000. A new adoption assistance benefit of $5,000 per child – unveiled together with the other changes – went into effect last month.
Walmart associates earn quarterly bonuses as part of an overall incentive plan to reward employees whose stores meet sales and customer service goals.
For the full fiscal year, Walmart’s U.S. associates garnered more than $625 million in performance-based bonuses. The company also recently gave associates more than $300 million in unused paid time off (PTO).
The bonuses, along with an annual pay raise for hourly field associates, are included in associates’ March 8 paycheck. Between Q4 performance bonuses, tenure-based bonuses, pay raises and recent PTO cashouts, more than $1 billion went out to U.S. hourly associates during February and March, according to Walmart.
In Texas and Florida, for instance, where the company operates 593 and 377 retail unites, respectively Walmart associates are receiving about $62.6 million (Texas) and about $42.7 million (Florida) in combined bonuses in combined bonuses.
Walmart Inc. operates more than 11,600 stores under nearly 60 banners in 28 countries and ecommerce websites.