Walmart is now offering bonuses to its hourly employees in the U.S., the company announced Wednesday.

The retail behemoth said in a press release full- and part-time hourly workers will be eligible for the new bonus, which it says "rewards great work and customer service, and it celebrates long-term associates who build a career." 

The longer an associate has been with the company, the higher the associate's bonus potential, to a maximum of $1,000.

"It's important that we are competitive on base wages," Walmart U.S. CEO John Furner told reporters about the move on a press call.

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A worker has to be with the company for a year to be eligible for the bonus, which is calculated based on stores achieving certain performance targets, he added.

The new bonuses are the latest pay boost for Walmart's 700,000 front-line workers, whose average pay has been raised some 30% over the past five years to nearly $18 an hour. 

Walmart employs about 1.7 million U.S. workers, a majority of whom staff its 5,000 stores.

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Its minimum hourly wage starts from $14, less than the $15 starting wage at Amazon.com and Target. However, starting pay for a Walmart associate can be as high as $19 an hour, depending on the store location.

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Earlier this year, Walmart gave its U.S. store managers a raise, lifting their average salary to $128,000 and increasing their annual bonus potential to as high as 200% of their annual salary.

Reuters contributed to this report.