Walmart CEO Doug McMillon: We'll Do Away With Minimum Wage Pay In New Year

Back in October, Walmart CEO Doug McMillon announced future plans to boost the lowest of wages at the big box giant so that no worker is paid the federally mandated minimum of $7.25 an hour.

In an interview on Wednesday morning, he appeared to have set himself a deadline of early 2015 for this salary hike.

“We’re going to make changes in a few months that will create a situation where no Walmart associate in the United States makes federal minimum wage,” McMillon told ‘CBS CBS -1.7% This Morning’ co-host Charlie Rose in a rare, fairly wide-ranging sit-down discussion. “We’ll be ahead of that with our starting wage.”

McMillon, who at 48 is the youngest CEO of Walmart since founder Sam Walton, agreed with Rose’s assertion that the perception of Walmart — as a low-wage, dead-end employer, doubtlessly — differs from the reality of the business he runs.

“In the world there is a debate over inequity, and sometimes we get caught up in that, and retail does in general,” he said.

More