BusinessCompany News


Thanks To The Tax Overhaul, CVS Is Giving Some Employees A Raise

It's also sweetening some employee benefits.
Posted at 5:34 PM, Feb 09, 2018

CVS Health plans to give some employees a pay raise.

It announced that beginning in April, CVS will increase the starting minimum wage to $11 an hour for hourly employees. The company noted it also plans to give raises to many store workers and retail pharmacy technicians who already earn more than that rate. 

This wage hike puts CVS in line with Walmart, which announced in January that it was upping its minimum wage to $11 an hour for all U.S. employees. 

CVS is one of many companies increasing wages or handing out bonuses because of the tax overhaul that cut the corporate tax rate. Both The Home Depot and FedEx recently announced similar investments.

Beyond the pay increase, CVS said it won't increase employee health insurance premiums for the 2018-2019 plan year. It's also going to begin offering a new paid parental leave program in April.