WASHINGTON — CVS has announced that it will be raising the minimum wage for its hourly workers to $15 per hour, starting in July 2022.
Employees currently make a minimum of $11 an hour, but that will climb to $13 next month. Overall, the Rhode-Island based company says that about 65% of its employees are already earning an hourly wage of $15 an hour.
CVS Health President and CEO Karen S. Lynch said in a statement that attracting and retaining top talent is "critical."
“These wage increases will have a meaningful impact on our colleagues and their families while helping the communities we serve prosper. Today’s announcement is the latest in a series of investments in our people, including bonuses and benefit enhancements throughout the pandemic," Lynch said.
In a press release, CVS said that the new wage structure will incorporate other minimum wage increases across the company, with higher starting hourly rates for roles such as pharmacy technicians and call center representatives.
CVS Health operates one of the nation’s largest drugstore chains with nearly 10,000 retail locations.
“With millions of visits per day to our nearly 10,000 locations across the country, our retail business plays an important role in how we deliver care,” said CVS Health Chief People Officer Laurie Havanec. “Our track record on wages aligns with the evolving needs and expectations of CVS Health colleagues in customer-facing roles.”
On top of the new minimum wage, CVS said it has removed the high school diploma or GED requirement for most entry-level roles, and this year will eliminate the GPA requirement for university recruitment.