The company, the largest private United States employer, is the latest to announce benefits for employees in the wake of the massive corporate tax cut that President Donald Trump pushed for and signed into law just before Christmas.
The starting wage rate increase, which is in addition to wage hikes already slated for many US markets this coming fiscal year, applies to all USA hourly associates, including those who work in stores, Sam's Clubs, the ecommerce division, logistics and the company's home office.
"Congress, working closely with the President, took a monumental step to bring taxes paid by USA businesses in line with the rest of the industrialized world", CEO Randall Stephenson said in a statement.
The mega-retailer announced Thursday that it will be increasing its starting wage rate for hourly workers to $11.
Labor groups have said that past rises in wages at the retailer have led to a cut in work hours for employees as the company sought to offset the impact on profits.
The starting wage increase takes effect February 17 and applies to employees at all U.S. Walmart stores, including Sam's Clubs, eCommerce, its logistics personnel and workers at its home office in Bentonville, Arkansas.
The pay increase, Walmart's third minimum wage increase since 2015, and bonus will benefit more than 1 million USA hourly workers, it said. Those employees can receive as much as 5,000 per child to cover expenses such as adoption fees, translation fees and legal costs.
Beginning Feb. 17th, Walmart will increase its starting wage rate to $11 an hour. With Wal-Mart's moves, companies are crediting the tax cuts for providing additional pay to more than 2 million workers. There's a catch, though: The bonus is based on how long you've worked there, and to qualify for the $1,000, you must have worked there for at least 20 years. Insiders have sold a total of 12,419,588 shares of company stock valued at $1,207,333,538 in the last ninety days.
But the new tax law signed by President Trump certainly frees up a lot of cash.
"Today, we are building on investments we've been making in associates, in their wages and skills development", said Doug McMillon, Walmart president and CEO.
Along with the headline unemployment rate, a broader measure of joblessness that includes discouraged workers who have largely stopped job-hunting, as well as those only able to find part-time jobs, stood at 8.1 percent at the end of 2017.
The move comes after Walmart raised salaries starting in 2015 while offering more training to its hourly store employees.
The company also will provide full-time hourly workers with 10 weeks of paid maternity leave and six weeks of paternal leave.