Wage Bill Targeting Wal-Mart Stores, Inc. (NYSE:WMT) And Other Big Retailers Rejected

Boston, MA 10/14/2013 (wallstreetpr) – Wage Bill according to which Wal-Mart Stores, Inc. (NYSE:WMT) and a few other retail giants were required to pay their staff members a living wage of minimum 12.50 dollars per hour was rejected after the D.C. council was not successful in overriding the veto of Mayor Vincent Gray. The bill had subjected Washington to a state where there was a national debate highlighting the low wages that are given to the workers of large retail giants including Wal-Mart Stores, Inc. (NYSE:WMT). The Bill demanded such companies to hike the wages paid per hour to the employees.

The supporters of the bill said that Wal-Mart can easily afford to pay a sufficiently higher amount of wages to its workers while the people who opposed the Bill said that the bill if passed would have a negative impact on the country’s economic development. The voting done by the council fell short of two votes to make a majority of two-thirds during the council. According to Gray, the Bill would act as a job killer and he further explained his thought by pointing out that the bill if passed would lead Wal-Mart, Home Depot, Target and Wegmans to move out of the city and that would lead to a negative development.

Wal-Mart had already threatened to close three out of the six stores that the company had planned for Washington if the Bill was passed and became a law. The supporters of the Bill were protesting at the peak of their voices inside as well as outside the council chamber. They shouted slogans like We Won’t forget to demonstrate their anger and protest. The bill was applicable on the retailers that own stores encompassing over an area of 75000 square feet or more and had an annual corporate sales of 1 billion dollars.

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