America’s largest private employer, Walmart, just made a major move to increase its wages for hourly workers. According to CNN, Walmart announced that it will raise its minimum wage to $14 per hour from $12 per hour.

This wage increase is part of Walmart’s effort to attract and retain workers amid a tight retail labor market. As reported by CNBC, the retail labor market remains tight due to the increasing demand for workers and the lack of available workers.

Yahoo Finance reported that Walmart’s average hourly wage will increase to more than $17.50. The Wall Street Journal reported that Walmart’s starting hourly wage will increase to $14 from $12.

Reuters also reported that Walmart will raise its minimum wage to $14 per hour for U.S. hourly workers.

This wage increase is expected to benefit more than 500,000 full-time and part-time Walmart employees.

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