CVS Raises Employee Pay to $15, Putting It Ahead of Rival Walgreens.
CVS Health (CVS) stated on Wednesday that the minimum wage for its employees will be raised to $15 per hour in July 2022.
CVS said the salary rise will include gradual increases in hourly rates beginning this month.
According to CVS, the salary hike will affect around 35% of the company’s workers, with the remainder employees already earning more than $15 an hour.
CVS said the compensation raise will be accompanied by a new payment structure for other positions within the corporation, such as pharmacy technicians and call center employees.
In a statement, CVS Health President and CEO Karen S. Lynch stated, “Attracting and maintaining great talent across our businesses is vital as we continue to reinvent what it means to satisfy people’s health needs.” “These salary increases will benefit our coworkers and their families while also assisting the communities we serve to prosper.”
CVS is the most recent retailer to boost its minimum pay to at least $15 per hour, joining Amazon, Costco, and Target, to name a few. In February, Walmart increased employee pay to $13 per hour.
However, CVS has already surpassed what could be called its main competitor in terms of employee pay, as Walgreens has yet to declare an increase in hourly salaries for its staff.
According to reports, a Walgreens cashier makes $10.72 per hour, while a sales associate makes $9.33 per hour.
CVS also announced that it has dropped the requirement for a high school diploma or GED for most entry-level positions, and that it would eliminate the GPA criterion for university recruitment this year.
CVS shares were trading at $81.68 at 2:03 p.m. on Wednesday, down $2.32, or 2.76 percent.