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By Dhirendra Tripathi
Investing.com – Walgreens inventory (NASDAQ:) rose 3.2% Tuesday after the pharmacy chain joined rival CVS and different retailers in elevating its hourly minimal wage.
The corporate will now pay no less than $15 per hour to its workers starting in October.
Earlier this yr, CVS determined to boost minimal wages for its workers to $15 an hour efficient July 2022.
Walgreens stated the wage improve would happen in phases and is predicted to be totally carried out by November 1 subsequent yr.
Whole funding to assist the beginning wage improve is anticipated to be roughly $450 million over three years, with one-third of the quantity spent within the ongoing monetary yr.
The corporate anticipates that it’s going to partially take up the price by means of the traditional course of enterprise.
Walgreens’ resolution to boost minimal wages comes as sure sectors of the economic system proceed to grapple with labor shortages not seen in a long time.
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