CVS will raise the minimum wage for its workers to $11 an hour beginning in April, matching a move made by Target in the fall and Walmart in January.

Citing tax savings created by the Tax Cuts and Jobs Act, the company said it will also adjust pay ranges and rates for many retail pharmacy technicians, front store associates and other hourly retail employees later in the year.

CVS is also establishing a new parental leave program, where full-time employees can take up to four weeks off from work at 100 percent of their pay.

Additionally, the company said it will use the funds to not increase employee medical and prescription premiums this year, despite a five percent increase in costs.

"As part of our ongoing commitment to the patients, customers and communities we serve, we said that we would invest our tax savings back into our business, and that's exactly what we're doing," said CVS President Larry Merlo.

In December, the chain announced it is also buying Aetna, the third-largest health insurer in the U.S, in a $69 billion deal. Eventually, shoppers will likely find more walk-in clinics in CVS stores; there are already about 1,100.

In the announcement on raising wages, the company said it would invest what was left from the tax break on debt reduction related to the Aetna deal, as well as investments in "data analytics, care management solutions and store service offering pilots to improve health outcomes and lower costs for patients."

CVS has more than 240,000 employees across the U.S.

Jessica Remo may be reached at jremo@njadvancemedia.com. Follow her on Twitter @JessicaRemoNJ. Find NJ.com on Facebook.