The retailer currently pays an average of more than $17 to its almost 1.6 million US hourly workers.
Walmart said the wage increases are a combination of regular annual increases and targeted investments in starting rates.
The increase comes as US wage growth moderates. Data from earlier this month showed average hourly earnings growth for US workers slowed to 0.3% in December, compared with 0.4% in the prior month.
In November, the US retailer forecast a smaller fall in annual profit as demand for groceries holds up despite higher prices, while discounts on clothing and electronics attract more inflation-hit shoppers to the top US retailer's stores.
The company also raised its full-year net sales expectations and announced a new $20 billion share buyback plan, pushing its shares up 5% in premarket trading.
Sales of food and other essentials that fill much of Walmart's shelf space have proved resilient, even as shoppers cut back on discretionary spending amid decades-high inflation.
Earlier in September, Walmart Inc announced plans to raise $5 billion in bond offerings, joining a host of big retailers and restaurant chains to tap the debt market ahead of the US Federal Reserve's next potential rate move.
A company filing showed at that timr that its bonds will be due between 2025 and 2052 and have a coupon rate of between 3.9% and 4.5%.