Wal-Mart awards $2 billion to U.S. hourly employees
Wal-Mart awards $2 billion to U.S. hourly employees Thu Mar 19, 2009 12:16pm EDT
By Nicole Maestri
CHICAGO (Reuters) - Wal-Mart Stores Inc is awarding approximately $2 billion to its U.S. hourly employees through financial incentives, including handing out $933.6 million in bonuses on Thursday, after the world’s largest retailer gained market share amid a recession.
In a memo to Wal-Mart employees obtained by Reuters, Wal-Mart CEO Mike Duke said the retailer is awarding roughly $2 billion to U.S. hourly employees, which includes $933.6 million in bonuses, $788.8 million in profit sharing and 401(k) contributions, millions of dollars in merchandise discounts, and contributions to its employee stock purchase plan.
“While economic challenges forced others to step back, we moved forward,” Duke stated in the memo.
Duke said Wal-Mart now needs to “accelerate and broaden all of our efforts.”
(Excerpt) Read more at reuters.com …
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