No economic hardship here
While the Senate haggles over a bill regarding a bonus tax, Wal-Mart is celebrating a profitable year by giving all of its employees bonuses.
The bonus tax bill would only affect companies that get bailout money. Wal-mart is far from needing a bailout. While other retailers lost sales in 2008, Wal-Mart sales and stocks gained.
Business as usual
This year Wal-Mart is giving out $2 billion in awards, including $933.6 million in cash bonuses. It ends up being more than $900 for each employee. The cash advances go to every qualified employee from cashiers to stockers.
The retail giant hands out the awards every year as part of a regular program. This is the largest amount the store has ever handed out.
The 2009 awards are based on how well the 3,657 U.S. Wal-Marts and 602 Sam’s Clubs performed in 2008 and as a result payments will be made to one million of the company’s 1.4 million hourly part- and full-time workers, according to CNN.
Good timing
Just last week Congress introduced the Employee Free Choice Act, a bill that would make unionizing easier for employees. Wal-Mart is stalwartly opposed to the bill and has been fighting it.
Wal-Mart spokeswoman Daphne Moore assures us, though, that it is not a bribe to keep employees from unionizing. The company has been handing out annual awards for years.
Breakdown
Besides the bonus money that will be handed over to employees in cash, employees will also get 401k contributions, merchandise discounts and contributions to stock portfolios.
Fast facts
Wal-Mart is the largest retailer in the U.S. It’s most recent fiscal year ended Jan. 31, and it recorded $402 billion in net sales. That’s up 7.2 percent from the previous year. It seems that the recession has driven people away from other retailers and straight to Wal-Mart. Most other retailers have posted double-digit declines in sales.
I WORK FOR WALMART AND THE HOURLY ASSOCIATES IN THIS STORE NEVER GOT A DIME…. ONLY MANAGEMENT.
Wal Mart is company who seems to have done bonuses right. First off, they had a good year, because they have competitive prices. (I’m not admittedly crazy about how companies manufacture some of their products, or some of Wal Mart’s other labor practices, but that’s for another time.) Also, the bonuses went out down to the lowest rungs on the ladder. That’s admirable, instead of just giving it to the employees of the company that don’t really need it.
Why not be thankful and give back to the people? I think it’s a wonderful thing Wal-Mart’s doing. The giant retail store has become the most popular place to go for household goods. Most of everyone I know goes to Wal-Mart for practically everything; food, household supplies, auto goods, diapers, etc. On top of that, they do have some great prices. With that and the trying economic situation we are currently undergoing, many people have turned away from other retail stores and have chosen Wal-Mart as their one-stop-shop for everything.
A good news story, wonderful!