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The retailer currently pays an average of more than $17 to its almost 1.6 million U.S. hourly workers.
Walmart (NYSE:WMT) said the wage increases are a combination of regular annual increases and targeted investments in starting rates.
The increase comes as U.S. wage growth moderates. Data from earlier this month showed average hourly earnings growth for U.S. workers slowed to 0.3% in December, compared with 0.4% in the prior month.
