Wal-Mart Stores Inc (WMT.N) said more than 1.2 million Walmart U.S. and Sam's Club employees will receive a pay increase in 2016.

The increases will lift the average hourly full-time wage to $13.38, the company said.

The hikes are part of the second phase of the company's two-year $2.7 billion investment plan and will take effect Feb. 20, the company said.

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Reuters