McMillon: Walmart Will Do Away With Minimum Wage in 2015

In an interview Wednesday with CBS News, Wal-Mart Stores Inc. president and CEO Doug McMillon said the retailer will increase wages of hourly employees starting in 2015.

Out of Walmart’s 1.3 million U.S. employees, around 6,000 make minimum wage.

“We’re gonna make some changes in a few months that will create a situation where no Walmart associate in the United States makes federal minimum wage. We’ll be ahead of that with our starting wage,” McMillon said during an interview with “CBS This Morning” co-host Charlie Rose.

In a wide-ranging discussion with Rose, McMillon said he thinks there is a difference between the perception of Walmart and the reality of Walmart.

“In the world there is a debate over inequity, and sometimes we get caught up in that and retail does in general. But we couldn’t run a good business if we don’t take care of people and have compensation plans that work,” McMillon said.

Click here for a video of the entire interview.