Walmart to hike wages for 425,000 workers to average above $15 an hour. Credit: © Walmart Inc.

Multinational retail corporation Walmart has revealed plans to raise wages of 425,000 more frontline associates in the US.

The decision follows after the retailer increased the pay for 165,000 associated last autumn.

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The retailer employs 1.5 million people in the US and the latest move will increase the associate average pay to above $15 an hour.

Meanwhile, Walmart reported a record fourth quarter and FY21 revenue. The retailer recorded an annual revenue of nearly $560bn.

Walmart president and CEO Doug McMillon said: “We completed a strong year and a strong Q4 thanks to our amazing associates. They stepped up to serve our customers and members exceptionally well during a busy holiday period in the midst of a pandemic.

“Change in retail accelerated in 2020. The capabilities we’ve built in previous years put us ahead, and we’re going to stay ahead. Our business is strong, and we’re making it even stronger with targeted investments to accelerate growth, including raises for 425,000 associates in frontline roles driving the customer experience.”

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McMillon added: “This is a time to be even more aggressive because of the opportunity we see in front of us.

“The strategy, team and capabilities are in place. We have momentum with customers, and our financial position is strong.”

For FY22, the retailer expects to invest nearly $14bn in enhancing supply chain capacity and automation. It will also improve the customer experience and productivity

Recently, Walmart completed the divestment of its wholly-owned UK business Asda to Issa brothers and TDR Capital.