Walmart is eliminating quarterly employee bonuses.
Walmart is ending a decades-old practice.
The retail giant will eliminate its quarterly bonuses for store workers starting at the end of its current fiscal year, which falls on January 31, 2022. The move comes on the heels of Walmart’s third pay increase in the past 12 months. The news was first reported by The Wall Street Journal.
"The overwhelming majority of our associates say their hourly wage is the most important part of their pay and by folding the bonus into the overall pay raise, associates receive consistent, predictable pay," Walmart spokesperson Anne Hatfield said in an email to CNN.
A company spokeswoman confirmed Thursday that the big-box retailer is eliminating the additional pay on Jan. 31, 2022, and rolling it into its workers’ base pay. The bonuses — dispersed four times per year — have been paid out for decades.