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Walmart phases out quarterly bonuses amid wage hike
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Walmart is ending its quarterly bonuses at the end of October for hourly associates after its latest wage increases take effect.
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Last week, the Arkansas-based company announced that 565,000 hourly store associates who represent the front end, food and consumables, and general merchandise work groups will receive at least $1 more per hour.
However, their quarterly bonus isn't going away, it's just being folded into their new hourly wage, Walmart said.
Walmart told FOX Business in a statement that the "quarterly bonus makes up just a portion of the pay raise associates are getting" and that this adjustment offers employees more predictability in terms of their pay.