Walmart is not the only major retailer to be increasing their minimum wages for all employees; Ikea has increased their minimum wages for US workers for the second year in a row.
Both major retailers reported much lower labor turnover rates after increasing the wages. However, Ikea, unlike Walmart, offers its wage increases based off the “Cost of Living” in each of the 40 US cities where it currently operates. Walmart has a flat minimum across all locations.
Labor groups have been pushing for a universal increase to a $15/hour minimum wage across all retail and service industries, a push that has been supported by a series of very public protests by workers in several cites.
GDP (Gross Domestic Product)