Gap (GPS) announced that it is raising its minimum wage to $10 an hour by mid-2015.
The retailer will raise its employees’ minimum wage to $9 in June 2014 and $10 in June 2015. The company’s move will benefit about 65,000 employees in its apparel chains which include Old Navy, Banana Republic and Gap.
The move comes after the White House said that the minimum wage for federal contract workers would go up to $10.10 an hour in 2015. President Obama praised Gap for following suit, saying that he applauds the retailer for their decision to raise employee wages.
GPS stock is up about 0.25% Thursday.
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