Target Corporation (NYSE:TGT) is increasing the minimum wage for its employees in 2018.
The Target minimum wage increase will start this spring with employees that are currently working at the company. The retailer notes that this will have all of its employees in the U.S. making more than their state’s minimum wage.
Target says that increasing minimum wage to $12 an hour is part of a larger plan to increase the wages of its employees. It is looking to have the minimum wage for all employees up to $15 an hour by 2020.
The Target minimum wage increase comes just a few months after its last pay upgrade. The retailer put an $11 an hour minimum wage into place back in October. This means that employees are seeing a significant increase to their wages within roughly six months from the last increase.
“We believe that taking care of our team members means investing in their whole selves,” Stephanie Lundquist, Target’s Chief Human Resources Officer, said in a statement. “That certainly includes pay, but it also means giving them opportunities to grow professionally, take care of themselves, their families and each other and they are passionate about making a difference for our guests and their communities.”
Target isn’t the only company that has been increasing the minimum wage for its employees lately. Rival retailer Walmart Inc (NYSE:WMT) announced a minimum wage increase to $11 per hour in January that went into effect last month. Starbucks Corporation (NASDAQ:SBUX) is another company that is planning to increase wages in 2018.
As of this writing, William White did not hold a position in any of the aforementioned securities.