BENTONVILLE (dpa-AFX) - Sam's Club, a division of Walmart Inc. (WMT), Tuesday announced a new compensation plan to improve financial position and accelerate career growth of about 100,000 frontline associates.
The plan, expected to take effect on November 2, intends to increase hourly wages between 3 percent and 6 percent based on years of service.
'The plan sets predictable pay increase milestones to give associates a longer-term perspective on their financial futures', the company added.
With the new strategy, the hourly pay would increase to above $19.
Currently, Walmart's stock is trading at $79.80, down 0.95 percent on the New York Stock Exchange.
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