Just months after winning praise for increasing wages for its workers, Wal-Mart Stores Inc. (NYSE: WMT) has cut the hours of many employees.
In February, Wal-Mart announced plans to increase wages for its entry-level employees. Wal-Mart Stores said it is increasing wages for 40 percent of its workforce company-wide, which is nearly half a million people, after the retailer reported the first increase in shopper traffic in more than two years.
“Managing hours is a routine part of running a sustainable operation,” Wal-Mart spokesman Kory Lundberg said in a statement to CNBC. “And in select number of stores, it requires keeping those hours to what was originally budgeted.”
The retail giant said all of its domestic workers will earn at least $9/hour by April 2015. The current federal minimum wage is $7.25/hour.View Article