Target Raising Minimum Wage, Aiming For $15 By 2020

Target Raising Minimum Wage, Aiming For $15 By 2020

Target employees will soon be getting a raise, and could be earning as much as $15 per hour in three years.

TGT announced that it will be upping its minimum hourly wage over the next few years, increasing it to $11 starting next month and committing to $15 by the end of 2020. Rival Walmart WMT recently increased its own minimum hourly wage, raising entry-level hourly pay to $10 a year ago; the company, which is the country's largest private employer, also raised wages to $9 an hour in 2015.

The pay increases will begin in October for 100,000 temporary workers hired ahead of the holidays.

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"We're investing to make sure that we recruit and retain the existing team, that we attract new team members and, importantly, that we provide an exceptional service environment", he told reporters.

The size of that investment is known only to Target for the moment, but it comes on top of the $7 billion that the company is already spending to refurbish stores and open new locations in cities and on college campuses.

The CEO said Target factored the total unspecified wage increases into its sales and earnings outlooks.

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The retail giant employs more than 300,000 hourly employees, both at stores and distribution centers. "We thought the timing was right as we move into the holiday season".

The minimum wage increase is not expected to impact Target's third-quarter and full-year financial results.

The federal minimum wage is $7.25. In the Charlotte area, local employers including Bank of America and Wells Fargo have similarly raised their minimum wages. Target and other retailers, including the parent company of T.J. Maxx and Marshalls, quickly followed suit. That number gained serious traction during the last presidential campaign, and Democrats recently introduced a $15 minimum wage bill that is backed by Sen.

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