Wal-Mart supports rise in minimum wage |
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Wed, 10 Jan 2007 23:34
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BENTONVILLE, Ark. (AFX) - Wal-Mart Stores Inc., the nation's largest big box retailer, said Wednesday it supports a minimum wage increase to help working families.Wal-Mart noted that in 2005, Chief Executive Leo Scott called on Congress to raise the wage, saying $5.15 an hour was 'out of date with the times.''We believe this statement is truer now than ever before,' the company said Wednesday.The House of Representatives is set to vote to raise the minimum wage to $7.25 from $5.15 in three steps over 26 months. If passed by the Senate and signed by President Bush, the minimum wage would go to $5.85 an hour 60 days after it is signed into law, to $6.55 an hour a year later, and to $7.25 an hour a year after that.The last increase was in 1997.Analysts have said the wage increase could help stores like Wal-Mart that cater to lower-income workers since they may be able to spend more money with higher wages.Wal-Mart shares fell 11 cents to close at $47.28 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Government announces increase in minimum wage 