In a recent interview on "CBS This Morning," Walmart's CEO Doug McMillon confirmed his plan to do away with minimum wage in the new year. McMillon, who is the youngest CEO of Walmart, set a deadline of early in 2015 to increase the retail giant's employees' wages.
While Walmart carries the stigma of being a "low-wage, dead-end employer," the reality of his business model is run much different.
McMillon announced that his plan, which was initially revealed this past October, will put Walmart's employees, who are making minimum wage, far above the federal minimum of $7.25 an hour.
“We’re going to make some changes in a few months that will create a situation where no Walmart associate in the United States makes federal minimum wage,” McMillion said during his interview with CBS.
Walmart faced much criticism in recent years as many demonstrators continue to protested and strike for higher wages and better working conditions throughout the country.
A Walmart spokesperson said the plan is something the company is actively working on and therefore, specifics are yet to be determined. The announcement comes during the high season for the retail giant.
"We can't run a good business if we didn't take care of people," McMillon said.