Walmart to raise company minimum wage to $14 per hour

Walmart on Tuesday announced that it would raise pay for thousands of its workers and invest in improved education opportunities for its employees.

"At Walmart, we know our people make the difference. That's never been more true than today – your talent and dedication to your customers is helping them live better lives every day," read a memo sent to U.S.-based associates from Walmart U.S. CEO John Furner. "And as you continue to focus on your customers, we're focused on investing in you – our store associates – through higher wages and new opportunities to gain the skills to serve tomorrow's customers and grow a career with Walmart."

The company expects that its increases will bring the nation-wide average company wage to more than $17.50 per hour. The company-wide minimum wage will rise to $14 per hour beginning with employees' March 2 paychecks, according to CNBC. 

The company raises are expected to apply to roughly 340,000 workers nationwide, about 21% of the company's total workforce. Walmart is one of the nation's largest employers, with 1.6 million people working for the retail giant.

The federal minimum wage stands at $7.25 per hour and has not increased in over a decade.