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CVS Tops Walgreens, Raises Minimum Wage to $15/hour

CVS Tops Walgreens, Raises Minimum Wage to $15/hour
Written by Publishing Team

  • CVS is raising the minimum wage to $15 an hour, effective July 2022.
  • Amazon, Costco, and Target all pay at least $15 an hour. Walmart and Walgreens do not.
  • The current federal minimum wage is $7.25.

CVS Health announced Wednesday that it is raising the minimum wage for CVS employees to $15 an hour. The salary increase will affect approximately 35% of the company’s workers – the rest are already earning more than $15 an hour.

The drugstore and healthcare retailer joins Amazon, Costco and Target in meeting the “Fight For $15” standard. Competitors Walmart and Walgreens have not announced plans to raise wages to $15 an hour.

“The current minimum hourly wage for the organization is $11,” CVS spokesman T.J. Crawford told Insider. “All hourly CVS Health employees will earn at least $13 an hour as of September 5, and at least $15 an hour by July 2022.”

With labor shortages continuing to affect small businesses and large businesses across the United States, experts say higher wages are the only real solution. Over the past five decades, average worker wages have not kept pace with the nation’s rising cost of living, Insider’s Ben Wink and Andy Kerrs reported in May.

“These pay increases will have a tangible impact on our colleagues and their families while helping the communities we serve thrive,” CVS Health CEO Karen S. Lynch said in a statement. “Today’s announcement is the latest in a series of investments in our employees, including bonuses and benefits improvements, throughout the pandemic.”

In fact, a Walgreens cashier earns about $10.72 an hour, while a salesperson makes about $9.33 an hour. The highest paid position on the site is Senior Merchandise Manager, bringing in more than $130,000 annually.

“We are constantly looking at different paths to continue increasing the initial pay rate for our team members,” a Walgreens spokesperson told Insider. “While today, across the United States, the national minimum wage (Walgreens & Duane Reade) is $10.00, the average hourly wage for retail partners is close to $15.00, as many retail partners earn compensation greater based on their qualifications and/or the responsibilities of their role.”

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