Wal-Mart issuing raises to 4,900 Springfield-area workers

Wal-Mart Stores Inc. (NYSE: WMT) tomorrow plans to institute raises for more than 4,900 workers in the Springfield metropolitan area.

Part of the company’s two-year plan to invest $2.7 billion in its associates, Springfield-area workers hired before Jan. 1 will earn at least $10 an hour starting tomorrow. Those hired since will continue to receive $9 an hour but will have the opportunity to move to $10 after completing a retails skills and training program dubbed Pathways, according to a news release.

Other changes include:
    •    giving employees who earn over $10 an hour their annual pay increase this month rather than waiting until their anniversary dates;
    •    presenting a one-time lump sum payment equal to 2 percent of annual pay for associates currently at their pay range maximum; and
    •    raising the starting rate of nonentry-level pay ranges.

The March 10 paychecks also will include a share of over $7.1 million in bonuses earned in the fourth quarter.

In Missouri, Wal-Mart employs more than 38,000 at 157 stores. In fiscal 2015, the company spent $8 billion with suppliers statewide, paid roughly $99.1 million in taxes and collected $582.8 million in sales taxes, according to the release.

The Arkansas-based retail giant is scheduled to open its 13th Springfield store on March 16. The sixth Neighborhood Market, 444 W. Grand St., cost roughly $2.6 million to build and sits at 41,000 square feet, according to Springfield Business Journal archives.

The company invited media to visit the store tomorrow in preparation for the opening later this month.