CVS Health hikes minimum wage to $15 an hour
CVS Health is making a significant investment in its employees by raising the minimum enterprise hourly wage to $15 an hour effective July 2022, with incremental increases to the company’s competitive hourly rates starting this month. Approximately 65% of employees earning hourly wages already make more than $15 an hour.
“Attracting and retaining top talent across our businesses is critical as we continue to redefine what it means to meet people’s health needs,” said CVS Health president and CEO Karen Lynch. “These wage increases will have a meaningful impact on our colleagues and their families while helping the communities we serve prosper. Today’s announcement is the latest in a series of investments in our people, including bonuses and benefit enhancements throughout the pandemic.”
Moving to $15 an hour next year will mark a more than 60% increase in the CVS Health minimum enterprise hourly wage over a four-year period. The new wage structure incorporates additional increases beyond the enterprise minimum, with higher starting hourly rates for roles such as pharmacy technicians and call center representatives.
[Read more: CVS Health's pandemic strategy continues to pay off in Q2]
“With millions of visits per day to our nearly 10,000 locations across the country, our retail business plays an important role in how we deliver care,” said CVS Health chief people officer Laurie Havanec. “Our track record on wages aligns with the evolving needs and expectations of CVS Health colleagues in customer-facing roles.”
CVS Health has a longstanding commitment to workforce development and creating opportunities in the communities it serves. The company’s Registered Apprenticeship program has placed thousands in retail pharmacy and management career tracks, with a focus on advancement.
Last week CVS Health opened its newest Workforce Innovation and Talent Center in Pittsburgh, which provides employment services and training to underserved populations through partnerships with faith-based and community organizations. An additional location opened in Philadelphia this week, which will help bring financial stability to more individuals and families.
In addition to boosting wages, CVS Health is removing barriers to obtaining employment. Recently the company eliminated the high school diploma or GED requirement for most entry-level roles, and this year will eliminate the GPA requirement for university recruitment.