Walmart gives it workers a pay raise and a fat bonus of $1,000

Walmart is raising starting wages for hourly employees to $11 and offering a one-time cash bonus of up to $1,000, the company said Thursday.

The retailer is also expanding maternity and parental leave benefits, as well as creating a new benefit to assist with adoption expenses.

Previously, Walmart's starting pay was $9 for all hourly employees, or $10 for those who completed a training program.

The wage and benefit changes will take effect in February and impact more than one million Walmart employees in the US, the company said.

Walmart CEO Doug McMillon said the changes are a direct result of recent tax law changes.

"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, all of which should benefit our shareholders," McMillon said in a statement. "However, some guiding themes are clear and consistent with how we’ve been investing — lower prices for customers, better wages and training for associates and investments in the future of our company, including in technology."

"Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the US," he added.