<p>Walmart Inc is phasing out its decades-old quarterly bonuses for store workers as it implements hourly wage raises for employees, the Wall Street Journal reported https://on.wsj.com/3BUrgpZ on Thursday, citing an internal memo.</p>.<p>The report added the US retailer would scrap the benefit, dubbed MyShare, at the end of its fiscal year on Jan. 31, and roll it into associates' base pay.</p>.<p>The quarterly bonus makes up just a portion of the pay increase workers are receiving, a Walmart spokeswoman told the Journal.</p>.<p>Walmart did not immediately respond to a Reuters request for comment.</p>.<p>Last week, the company said it planned to raise wages for more than 565,000 store workers by at least $1 an hour in its third wage investment over the past year.</p>.<p>With the wage increase, Walmart's US average hourly wage will go up to $16.40, it has said.</p>.<p>Several US retailers and restaurants have been forced to cut working hours and limit operations due to labour shortages. Scrambling to find workers, a few companies are even offering sign-on bonuses between $1,000 and $5,000 to some employees.</p>.<p>However, the labor crunch is expected to ease starting in September, as the government-funded unemployment benefits expire.</p>
<p>Walmart Inc is phasing out its decades-old quarterly bonuses for store workers as it implements hourly wage raises for employees, the Wall Street Journal reported https://on.wsj.com/3BUrgpZ on Thursday, citing an internal memo.</p>.<p>The report added the US retailer would scrap the benefit, dubbed MyShare, at the end of its fiscal year on Jan. 31, and roll it into associates' base pay.</p>.<p>The quarterly bonus makes up just a portion of the pay increase workers are receiving, a Walmart spokeswoman told the Journal.</p>.<p>Walmart did not immediately respond to a Reuters request for comment.</p>.<p>Last week, the company said it planned to raise wages for more than 565,000 store workers by at least $1 an hour in its third wage investment over the past year.</p>.<p>With the wage increase, Walmart's US average hourly wage will go up to $16.40, it has said.</p>.<p>Several US retailers and restaurants have been forced to cut working hours and limit operations due to labour shortages. Scrambling to find workers, a few companies are even offering sign-on bonuses between $1,000 and $5,000 to some employees.</p>.<p>However, the labor crunch is expected to ease starting in September, as the government-funded unemployment benefits expire.</p>