Wal-Mart announced on Thursday that it would increase the minimum hourly wage of its employees to $9 in April, and up to $10 per hour by February of next year. At that $10 rate, Wal-Mart's minimum wage would be higher than that of any of the 50 states.
The federal minimum wage is $7.25, while most states have their own minimum. The highest rate is $9.47 in Washington state.
Look on the chart below for how Wal-Mart's new numbers would take it to the top of the stack. This might be the impetus for future minimum wage hikes at other companies, in other states, and even at the federal level.
Also important to know is how each state will see a different increase in Wal-Mart spending. The biggest impact might be in Texas, because that's where the company has the most stores and where the $10 wage will show a big jump compared with the $7.25 currently mandated there.
Here are explanations for the terms used in the chart below:
State Min Wage: The number each state mandates as minimum wage.
True Min Wage: If the state number is less than the federal, then the number displayed is the higher of the two (affecting the states at the very bottom).
# Stores: How many stores Wal-Mart has in each state, based on its latest annual report.
Indexed Impact Est: An estimate comparing how much more they'll spend in each state. Take the number of stores in each state and multiply it by the expected jump in minimum wage. The numbers have no units, but are simply there as a comparison among states.