Walgreens to raise minimum hourly wage for staff from October

 Drugstore chain Walgreens Boots Alliance Inc said on Tuesday it would increase the starting wage of its staff to $15 an hour beginning October.

Earlier this month, rival CVS Health also said it would raise minimum wages for its employees to $15 an hour effective July next year.

Walgreens and CVS have joined a string of companies, including Walmart Corp and Chipotle Mexican Grill Inc in raising hourly wages for employees, as they try to lure people back into the workforce.

"Investing in and rewarding our team members is not only the right thing to do, it's highly important to retaining and attracting a talented workforce," Walgreens Chief Executive Officer Roz Brewer said in a statement.

The company statement didn't disclose the existing minimum hourly wage of its staff in its statement, while a company spokesperson didn't immediately respond to a Reuters' email seeking a comment.

Walgreens said the wage increase would take place in phases and is expected to be fully implemented by Nov. 1, 2022.

It plans to invest about $450 million over the next three years to support the wage increase, investing one-third of the amount in financial year 2022.

https://finance.yahoo.com/news/walgreens-raise-minimum-hourly-wage-131512049.html