By the end of 2020, Target's minimum hourly wage will be $15, company officials said.
Major retailer Target has announced a new high-profile target of its own for employee pay, as candidates in Virginia and politicians across the US debate what is an appropriate minimum wage. The company raised its minimum hourly wage previous year to $10 an hour, but without making a formal announcement. But its move to increase entry-level hourly pay to $15 far exceeds not only the US minimum of $7.25 an hour but also the base pay of competitors such as Walmart, the nation's largest private employer, which lifted its minimum hourly pay to $10 past year.
Cornell said the Minneapolis-based retail giant wants to retain talent, offer a specialized shopping experience in beauty, apparel and electronics, and improve its online and in-store experience.
"Target has always offered market-competitive wages to our team members", CEO Brian Cornell said in prepared remarks.
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The move is the latest volley in a wage war that Wal-Mart kicked off two years ago by raising its minimum wage to $10 in two steps, affecting over 1 million workers. The company is also spending $7 billion to remodel stores and open new locations, including on college campuses.
The federal minimum wage is $7.25 per hour, although 29 states and Washington, DC already have higher minimums, according to the latest data form the US Department of Labor. "We thought the timing was right as we move into the holiday season".
The increased minimum wage ordinances will likely have a muted effect as market forces have naturally driven wages up in recent years.
A minimum hourly wage of $11 is higher than the minimum wage in 48 states and matches the minimum wage in MA and Washington. Should other retailers do the same? U.S. Senate Democrats recently introduced a $15 minimum wage bill.