MCViewPoint

Opinion from a Libertarian ViewPoint

Dailywire Article-Walmart Raises Minimum Wages As Worker Shortages Crunch Labor Market

Posted by M. C. on January 25, 2023

Federal Reserve Chair Jerome Powell has remarked that the workforce “participation gap” is largely a result of “excess retirements” that occurred beyond “what would have been expected from population aging alone,” even as younger cohorts largely return to the job market.

“Excess retirements” is government speak for people laid off due to worthless, disastrous government lockdowns and restrictions that have found other ways to survive.

Excess retirements reminds me of when our local government over regulated hospitals experience “excess receipts” yet still always seem to be in dire financial straits.

https://www.dailywire.com/news/walmart-raises-minimum-wages-as-worker-shortages-crunch-labor-market

By  Ben Zeisloft

CHICAGO, ILLINOIS - MAY 19: Shopping carts sit in the parking lot of a Walmart store on May 19, 2020 in Chicago, Illinois. Walmart reported a 74% increase in U.S. online sales for the quarter that ended April 30, and a 10% increase in same store sales for the same period as the effects of the coronavirus helped to boost sales.
Scott Olson via Getty Images

Walmart announced on Tuesday that the grocery and retail corporation will increase average wages for many associates as the job market witnesses a persistent shortage of labor supply.

Walmart U.S. CEO John Furner revealed in a memo that the company plans to implement raises in select stores such that rates are more appealing relative to competitors. Average pay for Walmart employees across the nation will now surpass $17.50 per hour.

“Starting next month, we’ll begin investing in higher wages for associates,” Furner wrote. “This includes a mixture of associates’ regular annual increases and targeted investments in starting rates for thousands of stores, to ensure we have attractive pay in the markets we operate.”

Walmart is one of the largest private sector employers in the United States; the company currently has 1.7 million domestic associates, according to the retailer’s website. The firm also announced the expansion of various programs related to education initiatives for employees, including an increase in the number of college degrees for which associates can be reimbursed.

Amazon, another leading private sector employer, likewise unveiled nationwide wage increases toward the end of last year: average hourly pay for employees in customer fulfillment and transportation are slated to increase above $19.00 per hour, with employees earning between $16.00 per hour and $26.00 per hour depending on their position and location in the United States, according to a press release from the e-commerce firm.

The wage increases occur as private and public sector employers struggle to hire.

See the rest here

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