In four years, CVS Health will have bumped their minimum wage up a total of 60%.
Starting in July of 2022, the heath behemoth will be paying $15 per hour minimum for everyone. Currently only about 65% of their work force makes that much.
Not only will employees make more, but the company has eliminated the requirement of having a high school diploma or GED requirement for most entry-level jobs.
CEO Karen Lynch said this in a statement Wednesday.
“Attracting and retaining top talent across our businesses is critical as we continue to redefine what it means to meet people’s health needs.These wage increases will have a meaningful impact on our colleagues and their families while helping the communities we serve prosper.”
The company released their earnings and included in the report is the fact their revenue is up over 11% in the second quarter to $72.6 billion. Same store sales are up 23% over a year ago.
One reason for the great earnings report is COVID-19 vaccinations and diagnostic testing. CVS Health administered over 6 million tests and almost 17 million vaccines nationwide.
Their pharmacists were pretty busy too, filling 394.4 million prescriptions.
That’s the good news for CVS. The bad news is Wall Street punished them for their announcement of the wage increase, as their stuck was taking a tumble during trading Wednesday.