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Federal minimum wage is & # 39; tough, & # 39; Congress should act

Doug McMillon, CEO of Wal-Mart Stores, Inc., in an interview October 14, 2015.

David Orrell | CNBC

Walmart CEO Doug McMillon said the US federal minimum wage of $ 7.25 per hour is "too low" and "slows down."

He made the comments at the kickoff of the dealer's annual general meeting in Bentonville, Arkansas, where the president's hopeful beds Bernie Sanders were present, arguing for the wages of Walmart workers, and calling what the dealer is currently paying "hunger wages".

"It's time for Congress to put a well thought-out plan in place to raise minimum wages," McMillon told the audience. "Any plan should take phase shift and lifetime differences into account to avoid unintended consequences."

The largest retailer in the world, hiring 1[ads1].5 million people in the United States, has faced increased pressure too late to increase their wages. Amazon CEO Jeff Bezos, in his annual letter to shareholders in April, issued a challenge to other dealers, not mentioning which ones were special to match their wages and benefits.

Walmart's minimum $ 11 hourly wage, set in January 2018, is still below the Amazon, which was hiked to $ 15 in November. "Do it! Better yet, go to $ 16," Bezos said in the letter.

However, Walmart has said its average hourly compensation, including the benefits coming out to be over $ 17.50.

Walmart also has its benefits include benefits such as the ability of employees to earn college education in technology and technology by just paying a dollar a day for the education.

On Wednesday and at Walmart's head office, Sanders claimed that a $ 15 per hour minimum wage "is not a radical idea." He noted Walmart's competitors – Amazon and Target – have begun phasing in a $ 15 per hour payment fee.

Target will complete the phasing in of a minimum hourly wage of $ 13 a month, putting it on track to reach $ 15 an hour by the end of 2020.

Sanders added: "The American people are sick and tired of subsidizing the greed of some of the largest and most profitable companies in this country. " Walmart has a market capitalization of around $ 298 billion, and its stock was about 1.5% on Wednesday afternoon, and has climbed nearly 12% this year. Walmart's total revenue amounted to $ 500.9 billion in fiscal 2018 and operating profit was $ 20.50 billion.

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