CVS Health to raise minimum wage to $15 an hour by 2022

Business News

WOONSOCKET, R.I. (WPRI) — CVS Health plans to set the minimum wage for its employees to $15 an hour effective July 2022.

The company said there will be 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, the company added.

“Attracting and retaining top talent across our businesses is critical as we continue to redefine what it means to meet people’s health needs,” CVS Health President and CEO Karen Lynch said. “These wage increases will have a meaningful impact on our colleagues and their families while helping the communities we serve prosper.”

According to CVS Health, moving to $15 an hour will mark a more than 60% increase in the company’s minimum enterprise hourly wage over a four-year period.

The company says the new wage structure will incorporate additional increases, 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,” CVS Health Chief People Officer Laurie Havanec said. “Our track record on wages aligns with the evolving needs and expectations of CVS Health colleagues in customer-facing roles.”

In addition to boosting wages, CVS Health says they recently eliminated the high school diploma or GED requirement for most entry-level roles, and this year will eliminate the GPA requirement for university recruitment.

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