Starbucks announced Monday that it is raising wages for its workers at least 3% starting next year as part of an expanded benefits package the company is hailing as being “well beyond the industry average.”

According to the coffee giant, hourly partners in U.S. retail will see incremental pay increases starting on January 1, with at least a 3% increase.

It adds that eligible employees with two to five years of service will receive at least a 4% raise, while those with more than five years will receive at least a 5% raise. There will be no menu price increases to offset the wage increases, according to a Starbucks spokesperson.

Starbucks offers competitive pay to its U.S. retail partners, with an average wage of nearly $17.50 per hour, a barista wage range of $15 to $24 per hour and a total compensation of approximately $27 per hour, with benefits.

Sara Trilling, Starbucks North America’s executive vice president and president, said in a statement that investing in partners is key to its success. “It’s what makes us all partners. And one way we do this is by investing in the lives of our partners, bridging the gap between Starbucks and the world beyond. In addition to engaging with their ideas and feedback, we must continue to raise the bar by offering competitive salaries and the best benefits package available.”

There are currently 38,000 Starbucks stores operating worldwide, according to the company.

Over 4% of the company’s shares are up this year, behind the S&P 500’s 13% increase.

The company also announced Monday that it would invest over 20% of its profits from fiscal year 2023 back into partner experience through wage increases, training, and new equipment.