2019 CVS Pharmacist Rate Decrease/Market Adjustments

[josh6718]

So our district had a conference call yesterday and the DL had said that with the oversupply of pharmacists and to be more in line with the market competitors (i.e. Walgreens), that CVS was going to be making market rate adjustments with pharmacists.

No details as to if this was only a regional thing, or if it only applied to new hires. Has anyone else heard this?

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[Thoughtfulsinner]

No idea why people are surprised that these retail chains are lowering pay rates. Some rphs are making more than 70/hr. Either take the pay cut or be let go.

 

[WVUPharm2007]

"We are paying you less because we can!"

I at least find the honesty sort of refreshing.

 

[Modest_anteater]

So our district had a conference call yesterday and the DL had said that with the oversupply of pharmacists and to be more in line with the market competitors (i.e. Walgreens), that CVS was going to be making market rate adjustments with pharmacists.

No details as to if this was only a regional thing, or if it only applied to new hires. Has anyone else heard this?

I'm surprised that you are surprised. Expect new hires to start around 90,000 USD a year at the end of 2019, 75,000 a year in 2022 and 58,000 USD a year in 2026 (and that is as cost of living is increasing). It's a simple numbers game. Saturation vs demand.

 

[josh6718]

No idea why people are surprised that these retail chains are lowering pay rates. Some rphs are making more than 70/hr. Either take the pay cut or be let go.

I think the surprise is that before (CVS) would redline/cap you at a certain point vs. actually reduce your pay. Now it's CVS wanting to pay less because they simply can and there is no other choice.

 

[josh6718]

I'm surprised that you are surprised. Expect new hires to start around 90,000 USD a year at the end of 2019, 75,000 a year in 2022 and 58,000 USD a year in 2026 (and that is as cost of living is increasing). It's a simple numbers game. Saturation vs demand.

More surprised because:

1) This was in addition to a lot of pharmacist hour cuts that took effect this year, so it was like "hey, we are going to cut your pay, twice, but by two different ways".

Less surprised because:
1) All the corporate tax breaks that companies had received under Trump really didn't use it for their employees benefit

 

[Sine Cura]

Actually lowering pay instead of freezing pay raises.

That's a big **** you to all CVS pharmacists

The correct response is to let this mother****er burn

 

[Modest_anteater]

More surprised because:

1) This was in addition to a lot of pharmacist hour cuts that took effect this year, so it was like "hey, we are going to cut your pay, twice, but by two different ways".

Less surprised because:
1) All the corporate tax breaks that companies had received under Trump really didn't use it for their employees benefit

""hey, we are going to cut your pay, twice, but by two different ways"." It's going to be cut a lot more than two different ways son. They are going to be cutting everything. Hours, benefits, 401k matching, pay, health insurance. The only thing that is increasing will be metrics to give them more wiggle room to fire older pharmacists that are "overpaid'.

 

[Old]

So our district had a conference call yesterday and the DL had said that with the oversupply of pharmacists and to be more in line with the market competitors (i.e. Walgreens), that CVS was going to be making market rate adjustments with pharmacists.

No details as to if this was only a regional thing, or if it only applied to new hires. Has anyone else heard this?

It sounds like he didn't say a decrease in pay so perhaps its an increase? More benefits, higher 401k contributions. Lets not be so negative. Pharmacists got them where they are today. They appreciate us. They know how important we are. We are an important part of the healthcare system. Every pharmacy student and college professor will tell you this.

 

[josh6718]

""hey, we are going to cut your pay, twice, but by two different ways"." It's going to be cut a lot more than two different ways son. They are going to be cutting everything. Hours, benefits, 401k matching, pay, health insurance. The only thing that is increasing will be metrics to give them more wiggle room to fire older pharmacists that are "overpaid'.

See, that's the really weird thing-they had been increasing their benefits all last year. They started offering paid 4-week paternity leave to employees with newborns (definitely not a benefit for older pharmacists per se), they began matching 401k at each pay period instead of the end of the year, bi-weekly HSA contributions, and started offering RSU's instead of stock options. Maybe they did this knowing it would be off-set by wage cuts.

 

[Pharmacy is a Scam]

I think the surprise is that before (CVS) would redline/cap you at a certain point vs. actually reduce your pay. Now it's CVS wanting to pay less because they simply can and there is no other choice.

I love it. There is zero accountability needed to say that “we are cutting wages to be competitive with our competitors” and it serves as its own slippery slope.

I bet that next week, in response to the new CVS pay cuts Walgreens will have a conference call and say that “based on recent changes in the market, we are adjusting wages to be more competitive with our competitors.”

 

[PromethazineDM]

I wonder what's the lowest rate pharmacist is willing to work.

Even with the saturation problem and deterioriation working conditions, there are still more schools opening up and people attending pharmacy school.

 

[Modest_anteater]

I wonder what's the lowest rate pharmacist is willing to work.

Even with the saturation problem and deterioriation working conditions, there are still more schools opening up and people attending pharmacy school.

I am willing to work as a pharmacist for 17 USD an hour in 2019. Anything lower and I am moving back to SF and working at Walmart where the minimum wage is 15 USD an hour and I know a manager there so I could prob get 16 USD an hour starting for stocking shelves where I get to listen to podcasts all day on my earbuds in a stress free environment. Apparently this is low though and most ppl say the lowest they will go is 30USD an hour?

 

[Thoughtfulsinner]

I wonder what's the lowest rate pharmacist is willing to work.

Even with the saturation problem and deterioriation working conditions, there are still more schools opening up and people attending pharmacy school.

I think 40-45/hr would be a satisfactory pay rate for what they expect retail rphs to do.

 

[Modest_anteater]

I think 40-45/hr would be a satisfactory pay rate for what they expect retail rphs to do.

I disagree. Current pay for Canadian pharmacists is 71,000 USD which is around 35 USD an hour. And that wage is falling. So i think 35 USD is more than a fare wage for our training and work.

 

[Sine Cura]

I am willing to work as a pharmacist for 17 USD an hour in 2019. Anything lower and I am moving back to SF and working at Walmart where the minimum wage is 15 USD an hour and I know a manager there so I could prob get 16 USD an hour starting for stocking shelves where I get to listen to podcasts all day on my earbuds in a stress free environment. Apparently this is low though and most ppl say the lowest they will go is 30USD an hour?

If SF = South Florida, minimum wage is not $15 there

If SF = San Francisco, you would have to find an alternative dimension where Walmart exists in SF. The only WM on the peninsula is in Mountain View

LOL @ Walmart having $15 min wage across the board

I think I'd take my chances with the fake RPH if you were working as an RPH though

 

[mentos]

they began matching 401k at each pay period instead of the end of the year, bi-weekly HSA contributions

They did this to save the company money, not to help the employees. Before people could max out the yearly 401k contribution limit early in the year and they'd get a true up match at the end of the year. Now you have to calculate exactly what percentage (dollar amount is no longer an option) to contribute in order to get the full company match. Odds are most employees did not calculate correctly, were too lazy, or were unaware of this change.

For HSA, they used to give the $500 or whatever company contribution every 6 months. So employees could pocket the $500 in January and quit the next paycheck, not anymore.

 

[awval999]

So our district had a conference call yesterday and the DL had said that with the oversupply of pharmacists and to be more in line with the market competitors (i.e. Walgreens), that CVS was going to be making market rate adjustments with pharmacists.

No details as to if this was only a regional thing, or if it only applied to new hires. Has anyone else heard this?

Never ever have I heard of market rate adjustments downward for current employees.
Wages are called "sticky" for a reason.
If this gets confirmed, I will be surprised.

 

[owlegrad]

Never ever have I heard of market rate adjustments downward for current employees.
Wages are called "sticky" for a reason.
If this gets confirmed, I will be surprised.

Agreed - usually when pay scales are changed people who are making above the new scale are grandfathered in. Actually lowering someone’s pay is something that would be new for me.


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[6GodPharm]

They aren’t decreasing our pay. They are freezing people towards the upper 75% max. They aren’t lowering anyones pay but the new grad offers.

 

[ValeRx]

Kroger froze all wages last year and all new hires are only guaranteed 32 hours.

 

[Modest_anteater]

If SF = South Florida, minimum wage is not $15 there

If SF = San Francisco, you would have to find an alternative dimension where Walmart exists in SF. The only WM on the peninsula is in Mountain View

LOL @ Walmart having $15 min wage across the board

I think I'd take my chances with the fake RPH if you were working as an RPH though

I'm not working as a RPH currently. And I meant the one in mountain view or the one in south San jose. They only have Targets in SF proper. Thank you for the clarification though.

 

[mentos]

Agreed - usually when pay scales are changed people who are making above the new scale are grandfathered in. Actually lowering someone’s pay is something that would be new for me.


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Actually this did happen already, a couple years ago they cut the overnight differential to $2/hr and you only get the differential between midnight until end of shift. The differential used to be $5-10/hr depending on the state and you would get it for the entire shift, not just after midnight.

So imagine going from $10/hr from 7pm-7am to $2/hr from 12am-7am, makes overnight not worth it. That's almost a $20k paycut.

 

[Prepharm1214]

@josh6718 I thought you left CVS and took a LTC job?

 

[BidingMyTime]

I disagree. Current pay for Canadian pharmacists is 71,000 USD which is around 35 USD an hour. And that wage is falling. So i think 35 USD is more than a fare wage for our training and work.

Not comparable for several reasons, most noticeably that Canada has full health-care benefits for all canadians, where as Americans don't.

 

[Momus]

Whatever it is, the old timers won't see any raises anytime soon until the new hires catch up to your pay. You gonna get the same pay for the next 5-10 yrs. By 2022, 40-60% of unemployment for new grad pharmacists. Then, they will lower it again another $10 less to be market competitive (read: whoever lower pays first, we gonna fu3ken follow suit). If you get fired/quit/move, your wage reset down $20 less. Definition of a golden handcuff. You gonna eat whatever s**t they drop and think it's gold. Yay.

 

[Thoughtfulsinner]

Whatever it is, the old timers won't see any raises anytime soon until the new hires catch up to your pay. You gonna get the same pay for the next 5-10 yrs. By 2022, 40-60% of unemployment for new grad pharmacists. Then, they will lower it again another $10 less to be market competitive (read: whoever lower pays first, we gonna fu3ken follow suit). If you get fired/quit/move, your wage reset down $20 less. Definition of a golden handcuff. You gonna eat whatever they s**t they drop and think it's gold. Yay.

I worked 11 years in retail at 66 per hour and then med school. If you're smart enough it's not difficult to get out of pharmacy.

 

[stevephhs016]

Whatever it is, the old timers won't see any raises anytime soon until the new hires catch up to your pay. You gonna get the same pay for the next 5-10 yrs. By 2022, 40-60% of unemployment for new grad pharmacists. Then, they will lower it again another $10 less to be market competitive (read: whoever lower pays first, we gonna fu3ken follow suit). If you get fired/quit/move, your wage reset down $20 less. Definition of a golden handcuff. You gonna eat whatever s**t they drop and think it's gold. Yay.

That's why you get financially independent and say FU.

 

[owlegrad]

Actually this did happen already, a couple years ago they cut the overnight differential to $2/hr and you only get the differential between midnight until end of shift. The differential used to be $5-10/hr depending on the state and you would get it for the entire shift, not just after midnight.

So imagine going from $10/hr from 7pm-7am to $2/hr from 12am-7am, makes overnight not worth it. That's almost a $20k paycut.

True but that’s still differential, not base rate.


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[Modest_anteater]

True but that’s still differential, not base rate.


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Hey Mr. Owl your new icon is kinda triggering me every time i see it bc it reminds me I am not in a relationship with a female. Any chance of your changing it something less offensive to reproductively starved incels? thank you.
-anteater

 

[one pharmacy call]

Hey Mr. Owl your new icon is kinda triggering me every time i see it bc it reminds me I am not in a relationship with a female. Any chance of your changing it something less offensive to reproductively starved incels? thank you.
-anteater

That is not a healthy viewpoint. Are you going to ask your patients to stop filling their birth control because it reminds you that you’re not in a relationship with a female?

 

[Momus]

That's why you get financially independent and say FU.

I am already there more than 10x+ yearly salary saved up at 34. But, I am a greedy mofo. Need MOAR!!!

 

[Modest_anteater]

That is not a healthy viewpoint. Are you going to ask your patients to stop filling their birth control because it reminds you that you’re not in a relationship with a female?

SD is my safe place though...

 

[JJSRX]

New grad pay just dropped to under $50....poor bastards

 

[Gombrich12]

New grad pay just dropped to under $50....poor bastards

Good. We have to go through a sustained period of dropping wages and high new grad unemployment before enrollment at pharmacy schools craters giving the profession a slight chance at improved work conditions. Hopefully us older pharmacists can make it through with only a few scrapes and bruises.

 

[Momus]

Good. We have to go through a sustained period of dropping wages and high new grad unemployment before enrollment at pharmacy schools craters giving the profession a slight chance at improved work conditions. Hopefully us older pharmacists can make it through with only a few scrapes and bruises.

This is not a win by anyway shape or form for older grandfathered pharmacists. They will be looking to replace you with $15 less per hour any chance they get.

 

[Actinomycin]

New grad pay just dropped to under $50....poor bastards

When is this effective? Is this for CVS only? Also, do they start old grads wanting to switch from another company at the <50 pay or put them higher?

 

[Futurepharmdmd]

L

When is this effective? Is this for CVS only? Also, do they start old grads wanting to switch from another company at the <50 pay or put them higher?

Lol CVS is 54.90 across the board nationally. Idk who this is saying <$50 unless its for a dif company.

 

[MrBonita]

As soon as Right Aide closes there will be only 2 pharmacy chains. Both will have surplus of pharmacist. You think the wages will go up. Although Walgreens and CVS are competitors, they sponsor the same interest group that want technicians to take over pharmacist jobs.

 

[Cleaveland]

From what I heard from old-timer pharmacists, the pay was so much less (40-50 an hour) once before. One of the reasons it's gone up is due to inflation. From those who believe or know for a fact new grad pharmacists will have a lower starting pay, how will it impact tuition rates and interest in perusing pharmacy? Especially with so many new schools?

 

[gwarm01]

From what I heard from old-timer pharmacists, the pay was so much less (40-50 an hour) once before. One of the reasons it's gone up is due to inflation. From those who believe or know for a fact new grad pharmacists will have a lower starting pay, how will it impact tuition rates and interest in perusing pharmacy? Especially with so many new schools?

Wages are higher than before even when adjusted for inflation. Wage growth was driven by the massive expansion in retail pharmacy in the early 2000's.

I wouldn't expect tuition rates to change anytime soon.

 

[mentos]

Tuition goes up 10% per year like clockwork, that will never change. These for profit schools don't care about the job market they just want your money.

 

[Deja]

I definitely would not work as a pharmacist at $40 an hour... who in their right mind would take on that much loan and spent 4 additional years in school for that little pay?

 

[6GodPharm]

Pay your loans off asap. This field is going straight to hell. Yes this board has been saying that the last 5-10 years but 2019 makes it official. Wages in CA are down and OT is gone. Thats wasn’t the case before. This field is dead.

 

[WVUPharm2007]

Pay your loans off asap. This field is going straight to hell. Yes this board has been saying that the last 5-10 years but 2019 makes it official. Wages in CA are down and OT is gone. Thats wasn’t the case before. This field is dead.

I'm trying to get my house paid off. Already have a decent start on my 401k/Roth. Get that done and I'll be able to cruise to victory no matter what pharmacy does.

 

[JJSRX]

New grad 54.90 is about to become less than $50 at this next calibration for CVS...you think they are having all these conference calls to get people ready for raises? The vagueness on all your confernce calls is intentional.

 

[tlh908]

My wife is an RN, it took 2 years worth of schooling and minimal student loans. She doesn't have any special training, buys makes $42/hour plus shift and weekend differentials. There are easier ways to make money than pharmacy.

 

[Chrish]

Yeah but gotta deal with the blood!

 

[stevephhs016]

My wife is an RN, it took 2 years worth of schooling and minimal student loans. She doesn't have any special training, buys makes $42/hour plus shift and weekend differentials. There are easier ways to make money than pharmacy.

Could you elaborate approximately how much loans? My gf is trying to get into nursing school ADN

 

[MatCauthon]

My wife is an RN, it took 2 years worth of schooling and minimal student loans. She doesn't have any special training, buys makes $42/hour plus shift and weekend differentials. There are easier ways to make money than pharmacy.

this is true, although many premier hospitals require a 4 year nursing bsn degree now. some of the nurses at a local hospital are making into the 50 dollar range per hour, and much more with all the shift differentials, overtime, etc. meanwhile these nurses start with over 5 week vacations and other great benefits. nurses get immediate sympathy with the public, have strong unions, and almost always seem to win their labor disputes. wouldnt be suprised if nurses make the same or more than pharmacists in the next 10 to 15 years. especially if these companies hire rph below $50 per hour and put them on salary so they have no differential.