CVS Health Corp. said it will use some of the extra cash from the U.S. tax overhaul to raise its starting hourly pay to $11 for U.S. workers, the latest company to announce employee perks in the wake of the legislation.

The company, with 240,000 U.S. workers, currently pays a starting wage of $9 an hour, though many employees make more. It said that in addition to raising the minimum, it will increase pay for lower-wage retail workers at its nearly 10,000 U.S. stores. CVS didn’t provide an average increase.

...