Walmart is raising its minimum hourly wage to at least $14 an hour as the country’s largest retailer looks to acquire and retain workers.

In a letter to U.S. employees, John Furner, president and CEO, Walmart U.S., said the raises will bring the company’s average hourly wage to $17.50. The change means employee pay range will now be from $14 to $19 per hour, up from $12 to $18 per hour.

“At Walmart, we know our people make the difference. That’s never been more true than today – your talent and dedication to your customers is helping them live better lives every day,” Furner said. “And as you continue to focus on your customers, we’re focused on investing in you – our store associates – through higher wages and new opportunities to gain the skills to serve tomorrow’s customers and grow a career with Walmart.”

The increases for some 340,000 employees will be in effect on March 3 paychecks.