BENTONVILLE, AR - Walmart announced pay bumps Thursday that will bring its average hourly wage to over $15 an hour.

But, according to CNN, the move still falls short of the $15 minimum wage announced by some of its largest competitors.

As America's largest private employer, the company says it intends to raise wages for 425,000 US workers to at least $13 an hour.

Beginning March 13, hourly workers who stock shelves and fulfill customers' home delivery/curbside pickup orders in stores will receive a starting rate of $13 to $19 an hour, based on the store's location and market.

In 2020, the company raised wages for 165,000 store workers in management roles to a starting rate of $18 an hour.

Overall, nearly half of Walmart employees will earn at least $15 an hour.

"These are investments in people that are important to our future because they provide a great pickup, delivery and in-store experience for our customers," Walmart chief executive Doug McMillon said during a presentation to Wall Street analysts.

While this may be positive news for many Walmart employees, the company will still maintain its $11 minimum wage, which puts it behind other big chains.

In recent years, rival retailers and restaurant chains have moved to a $15 an hour minimum wage. Amazon, for example, raised its starting wage to $15 in 2018, while Target and Best Buy also bumped their minimum wages up to $15 during 2020.

The federal minimum wage has been $7.25 an hour since 2009 and President Joe Biden is aiming to change this.

President Biden included a $15 federal minimum wage in his $1.9 trillion stimulus proposal last month, and it's part of the package working its way through the House.

The legislation, which may be voted on as soon as next week, calls for boosting the hourly wage in stages until it hits $15 in 2025.