CVS raises minimum wage to $15 per hour

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CVS Health Corp.
CVS,
+1.93%
said Wednesday that it is raising the minimum wage for its hourly workers to $15 per hour, effective July 2022. Incremental hourly wage raises will begin this month. The move marks more than 60% increase in wages over four year. The company says that 65% of its workers already earn more than $15 per hour. The company recently eliminated the high school diploma or GED requirement for most entry-level jobs, and will remove the GPA requirement for recruitment from universities this year. CVS Health also reported its second-quarter earnings on Wednesday. Shares have gained 23% for the year to date while the S&P 500 index
SPX,
+0.82%
is up 17.8% for the period.

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