Speed Reads

Health and Wealthness

Walmart is ending health insurance coverage for approximately 30,000 part-time employees

Citing "significant" additional health care expenses this year, Walmart announced Tuesday it will no longer provide health insurance coverage for employees who work less than 30 hours each week.

The retailer noted the change would affect approximately two percent of its mammoth 1.3 million-member workforce, or 30,000 part-timers. Those who work more than 30 hours weekly, however, aren't off the hook: Premiums for the most popular, lowest-cost employee health insurance will rise around 20 percent, to $21.90 per pay period — "still half the average premium other retail employees pay," Walmart noted.

Walmart has been struggling with an influx of 100,000 employees to its health insurance program, the total cost of which is expected to reach $500 million this year.

To put that number in perspective, Walmart's net profits are expected to be $15.88 billion this year, and the Walton family — heir to the Walmart fortune — is worth a combined $143.6 billion.