Sam's Club, a division of Walmart Inc. (WMT), announced a new compensation plan aimed at enhancing the financial stability and career progression of approximately 100,000 frontline associates.
Effective November 2, the plan will raise hourly wages by 3 percent to 6 percent, depending on an associate's length of service.
The company stated, "The plan sets predictable pay increase milestones to give associates a longer-term perspective on their financial futures."
With this updated strategy, hourly wages will rise to above $19.
At present, Walmart's stock is trading at $79.80, reflecting a 0.95 percent decrease on the New York Stock Exchange.
