Wal-Mart stores Inc would have to spend an additional $ 4.95 billion if it were to raise the minimum wage for its hourly employee in the United states to $15 per hour from the current $10 per hour. reuters.com reported yesterday.
According to reuters, the estimate was made by the UC Berkeley Center for Labour Reseach.
Wal-Mart which is the country's largest employer, and the world's largest retailer, has nearly 1.5 million workers in its pay roll of which 1.1 million are hourly employees and that 979,000 employees will get an increase if the raise is implemented by wal-Mart, the study states.
A $15 per hour minimum wage would mean an annual hike of $4,006 for part-time employees and $5,836 for full-time employees, the study showed.
The study used government data and worker surveys rather than internal numbers provided by Wal-Mart. The study used the $10 increase in hourly wages at the start of the year as a baseline and simulated that to calculate the results for $15 an hour.
Wal-Mart spokesman Kory Lundberg declined to comment on the wage estimates. He said the retailer is investing $2.7 billion over two years in training, education and higher wages.
In the year ended Jan 31, 2016 the retailer generated $482.13 billion in revenue and posted net income of $14.69 billion.
In an online opinion piece on the study, Christine Owens, executive director of the National Employment Law Project said, "Wal-Mart can easily afford the $15 minimum wage", based on the retailer's annual earnings.
"An employee working 34 hours per week at $10 per hour still earns less than $18,000 per year and cannot meet her family's basic needs on Wal-Mart's wages alone, even in states with low costs of living," she said.
(Reporting by Nandita Bose in Chicago; Editing by Cynthia Osterman)
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