CVS Increasing Its Minimum Wage, Waiving HS Diploma Requirement

CONNECTICUT — CVS Wednesday announced an increase in its minimum wage to $15 per hour and a waiver of the high school diploma requirement for future hires.

Officials for the parent company, Rhode island-based CVS Health, said the goal is to reach the $15 plateau by July 2022 with incremental increases to the company’s hourly rates starting this month.

About 65 percent of employees earning hourly wages already make more than $15 an hour, CVS officials said.

"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 S. Lynch said. "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, company officials said. 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, they added.

“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 called the new hiring standards "removing barriers to obtaining employment."

In the recently adopted policy, the company eliminated the high school diploma or GED requirement for most entry-level roles, and this year will eliminate the GPA requirement for its university recruitment program.