- Walmart is paying out $560 million in bonuses to 890,000 employees.
- The bonuses will hit employees’ paychecks this week.
- When announcing the bonuses in January, Walmart said employees would get up to $1,000.
- Only employees with 20 or more years of Walmart employment will get the full $1,000, however.
Hundreds of thousands of Walmart employees will get some extra cash in their paychecks this week.
Walmart is paying out a total of $560 million in bonuses to 890,000 of its more than 1.5 million US employees. The bonuses are tied to the company’s fourth-quarter performance and recent tax law changes.
The company announced the bonuses related to the tax law changes in January, saying employees would get a one-time payment of up to $1,000.
The money only goes to employees who were not impacted by wage increases that Walmart also announced in January.
Among that group of employees, only those who have worked for Walmart for 20 years or more will get the full $1,000.
Here’s how those bonus payout breaks down:
- $200: Less than 2 years of Walmart employment
- $250: 2-4 years of Walmart employment
- $300: 5-9 years of Walmart employment
- $400: 10-14 years of Walmart employment
- $750: 15-19 years of Walmart employment
- $1,000: 20 years or more of Walmart employment
Some employees may qualify for both bonuses. That means that some long-term employees who got the $1,000 lump sum bonus may end up getting another couple hundred dollars from the performance-based bonus.
Overall, the company says it paid $1 billion to its hourly employees in February and March between the bonuses, pay increases, and recent paid time off cash outs.