UPDATE 1-Bernie Sanders accuses Walmart of paying 'starvation wages'

Democratic U.S. presidential hopeful Bernie Sanders on Wednesday told Walmart Inc shareholders and top executives that the world's largest retailer should boost the "starvation"-level wages it pays its workers and stop fueling income inequality.

Speaking at Walmart's shareholder meeting on Wednesday, the U.S. senator said: "Despite the incredible wealth of Walmart's owners" the company pays "starvation wages." He presented a shareholder proposal at the event asking the world's largest retailer to give hourly employees a seat on its board and pressed the company to raise base wages to $15 an hour for its hourly workforce.

Walmart's "wages are so low, many of these employees are forced to rely on government programs like food stamps, Medicaid and public housing in order to survive," Sanders said. "The American people are so tired of subsidizing the greed of some of the largest corporations in the United States," he added.

Walmart has raised its minimum wage twice since 2016 to $11 an hour. But it is still lower than the $15 an hour that rival Amazon.com Inc pays its employees. Others like Target Corp and Costco Wholesale Corp also pay higher rates than Walmart. Chief Executive Officer Doug McMillon said the company has raised wages in the U.S. by 50 percent in the past 4 years and continues to increase wages on a market-by-market basis to hire and retain talent.

"We are not perfect, but together we are learning, we are listening and changing," he said. Walmart has said it pays an average of $17.50 an hour to its hourly employees, including benefits. (Reporting by Nandita Bose in Washington; Editing by David Gregorio)