WOONSOCKET, R.I., Aug. 4, 2021 /PRNewswire/ -- CVS Health
(NYSE: CVS) 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
percent 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 S. 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 percent 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.
"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.
About CVS Health
CVS Health is the leading health
solutions company, delivering care in ways no one else can. We
reach more people and improve the health of communities across
America through our local presence, digital channels and our nearly
300,000 dedicated colleagues – including more than 40,000
physicians, pharmacists, nurses, and nurse practitioners. Wherever
and whenever people need us, we help them with their health –
whether that's managing chronic diseases, staying compliant with
their medications, or accessing affordable health and wellness
services in the most convenient ways. We help people navigate the
health care system – and their personal health care – by improving
access, lowering costs and being a trusted partner for every
meaningful moment of health. And we do it all with heart, each and
every day. Learn more at www.cvshealth.com.
Media contact
T.J. Crawford
212-457-0583
CrawfordT2@CVSHealth.com
Investor contact
Susie
Lisa, CFA
401-770-4050
Susan.Lisa@CVSHealth.com
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SOURCE CVS Health