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NEW YORK - Wal-Mart Stores, Inc. is getting ready to make big changes to its pay policy, potentially resulting in raises for new employees but penalties for higher-paid veterans, according to Reuters.
At its annual shareholders meeting today, the Bentonville, Ark.-based retailer is expected to reveal a new compensation system for hourly workers, which is said to tie pay more closely to job responsibilities, The Wall Street Journal reported.
Wal-Mart wouldn't comment on the policy with either The Wall Street Journal or BusinessWeek, which also carried the story.
Although the policy's details are still unclear, BusinessWeek reported that the new plan splits employees into seven classes, at least in the company's supercenters, and beginning salaries would be clearly defined, as would progress from class to class.