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CVS says it will raise starting pay to $15 per hour, relaxes some hiring requirements
CVS says it will raise starting pay to $15 per hour, relaxes some hiring requirements
As the debate continues over raising the federal and state minimum wage, CVS Health has become the latest company to announce that it is raising its minimum wage to $15 an hour.
The increase will take effect in July of next year.
The company said in a release that while this is a significant investment, 65% of its employees were already earning more than $15 per hour.
It represents a more than 60% increase in the company’s minimum enterprise hourly wage over a four-year period.
“Attracting and retaining top talent across our businesses is critical as we continue to redefine what it means to meet people’s health needs,” said CVS Health President and CEO Karen S. Lynch. “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.”
In addition to boosting wages, CVS Health noted that it is removing other barriers in its hiring. Recently the company eliminated the high school diploma or GED requirement for most entry-level roles, and this year will eliminate the GPA requirement for its university recruitment.
CVS Health is the latest in a number of companies operating in Pennsylvania to announce dramatic increases in wages to attract talent during the current worker shortage.
In May, for example, Sheetz announced it was increasing wages by $2 an hour for all of its 18,000 employees.
The current minimum wage in Pennsylvania is $7.25 per hour.
