Wal-Mart Workers to Receive $2 Billion in Bonuses

Wal-Mart plans to award $2 billion this year to about 1 million U.S. hourly workers in bonuses, profit sharing, discounts and 401(k) and stock-plan contributions after sales jumped in the recession.

From Bloomberg:

The amount of the payout being given to employees is 67 percent more than the $1.2 billion Wal-Mart distributed to hourly workers last year. Payments to employees include $933.6 million in bonuses today, spokeswoman Daphne Davis Moore said by phone.

Wal-Mart had record sales in the fourth quarter, boosting revenue in the year through January by 7.2 percent to $401.2 billion. Wal-Mart announced the funds after its labor practices have come under scrutiny in recent years. The Bentonville, Arkansas-based retailer settled labor lawsuits last year and opposes efforts to unionize it stores.

Spending more on benefits “signals that Wal-Mart is trying to improve its relationship with workers and re-enforces its belief in a non-union workforce,” Walter Todd, who helps manage Wal-Mart shares at Greenwood Capital, said today in a telephone interview.

“In light of all the dividend and 401(k) cuts by companies, it also shows the strength of Wal-Mart,” said Todd. The Greenwood, South Carolina-based firm manages $600 million.

Explore posts in the same categories: Uncategorized

Tags: , , , , , , , , , ,

You can comment below, or link to this permanent URL from your own site.

One Comment on “Wal-Mart Workers to Receive $2 Billion in Bonuses”

  1. JL Says:

    Thought I’d share some reasons that make it legit to still be mad at Wal-Mart over these bonuses.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: