Walmart Raises Minimum Wage To $14 An Hour

(RTTNews) - Retail giant Walmart Inc. (WMT) is raising its minimum wage for store employees to $14 an hour.

Starting in early March, store employees will receive between $14 and $19 an hour. They currently earn between $12 and $18 an hour, according to CNBC. This hike represents nearly a 17% increase for the workers.

According to its latest annual securities filing, Walmart employees nearly 1.7 million workers in the US, 94% of whom are hourly employees.

With the latest hike, the retailer's U.S. average wage is expected to be over $17.50, Walmart U.S. CEO John Furner said in an employee-wide memo on Tuesday.

Walmart have for years received criticism from labor groups for low pay compared to other retailers. However, the company has been raising wages in recent years. Amazon (AMZN) and Target (TGT) have a $15 minimum wage, while Costco (COST) starts at $17 an hour.