CVS to raise minimum wage to $15, eliminate educational requirements for some jobs

WOONSOCKET, R.I. — CVS Health announced Wednesday it will raise its minimum hourly wage to $15 by July 2022 and reduce educational requirements for some positions as the available labor pool continues contracting.

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Some employees could see the pay bumps as soon as this month, and CVS Chief Executive Officer Karen Lynch said the measure is intended to strengthen the workforce as the chain transforms pharmacy locations into health care hubs, offering an array of services ranging from diagnostic testing to urgent-care appointments, CNBC reported.

“Attracting and retaining top talent across our businesses is critical as we continue to redefine what it means to meet people’s health needs,” Lynch stated in a news release.

Company officials said about 65% of hourly workers across the national pharmacy chain already make $15 an hour, WKBN reported.

Meanwhile, CVS has already begun eliminating educational restrictions that have impeded employment, especially among entry-level positions, at its stores, CNBC reported.

For instance, the chain recently eliminated the requirement for a high school diploma or GED for most entry-level roles and plans to end its GPA requirement when recruiting at universities by the end of 2021, the network reported.