Walmart will raise starting pay to $11 per hour for its U.S. employees in February, according to The Wall Street Journal.
The company's current starting salary is $10 an hour after workers complete a training course. The salary change will raise Walmart's annual expenses by $300 million, according to the report.
The company is also handing out one-time bonuses of up to $1,000 to some employees. The amount of the bonus will depend on how long an employee has been with the company.
Providing better wages for employees is one of several investments Walmart plans to make with expected savings from the tax overhaul, which lowers the corporate tax rate from 35 percent to 21 percent.
"We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business," said Walmart President and CEO Doug McMillon in a release.
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