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The federal minimum wage is backward, the Congress should act



Doug McMillon, President and CEO of Wal-Mart Stores, Inc., in an interview on October 14, 2015.

David Orrell | CNBC

Doug McMillon, CEO of Walmart, said Wednesday to the shareholders and the President's hope, Bernie Sanders, that the minimum wage of $ 7.25 an hour would be "too low," McMillon said at the beginning "The annual meeting of the giant retailer in Bentonville, Arkansas." Each plan should take into account phase and cost of living differences to avoid unintended consequences. "

At the meeting, Sanders called for salary increases for Walmart workers and accused Walmart of" starving wages " The world's largest retailer, which employs 1

.5 million people in the US, is under increasing pressure to raise wages, and Jeff Bezos, CEO of Amazon, has called on other retailers in his annual Letter to Shareholders in April to not to be named precisely to suit their wages and benefits.

Walmart's minimum wage of 1 set in January 2018 $ 1 per hour is still below Amazon, which was raised to $ 15 in November. Better do it, go to $ 16, "Bezos said in the letter.

However, Walmart has stated that the average hourly compensation, including benefits, is more than $ 17.50.

Walmart has also benefited Benefits include the ability for employees to pay only US $ 1 per day to earn degrees in business and technology related areas.

At Walmart headquarters, Sanders argued that a minimum wage of $ 15 an hour is not a "radical idea." He noted that Walmart's competitors – Amazon and Target – have begun to lower their salary limit by $ 15 to introduce per hour.

Target will end the gradual introduction of a minimum hourly wage of $ 13 this month in late 2020.

"Ours and those of other companies have made it clear that the federal minimum wage is lagging behind," McMillion said, adding, "7.25 US dollars are too low. "

Sanders later said that many Walmart workers rely on social housing and food stamps just to get along.

"The American people are tired of subsidizing the greed of some of the largest and most profitable companies in the country," said the Democratic President.

Walmart has a market value of approximately $ 298 billion. Stocks rose 1.8% on Wednesday afternoon after rising nearly 12% this year. At constant exchange rates, Walmart's total revenue in fiscal year 2018 was $ 500.9 billion and operating income was $ 20.50 billion.


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