Target (NYSE:TGT) announced that the company will be increasing its employee minimum wage to $13 an hour starting this coming June in the hopes of better compensating its workers moving forward.
The Minneapolis, Minn.-based retail giant said it will be bolstering its minimum hourly wage by a dollar for all current and new employees. The business added that its goal is to lift this amount to $15 an hour by the end of 2020–this is part of a series of annual increases the retailer has made since it announced it planned on doing so back in September 2017 as it had said it would raise its minimum wage from $10 an hour to $15 an hour over three years.
The $13 figure is well above the federal minimum, which was last increased in 2009 and currently sits at $7.25. The Target minimum wage is also higher than the minimum wages of all 50 states (although there are some citywide minimum wage exceptions, as is the case in Washington, New York and San Francisco.
In comparison, Walmart has a minimum starting wage for its worker of $11 an hour, which it set back in January 2018, while Amazon has this amount at $15 an hour, which it enacted back in November of last year. “We’ll continue to invest in learning and development resources for our existing team members to help them grow their careers,” Chief Human Resources Officer Melissa Kremer said in a post on Target’s blog.
TGT stock is up 2.4% today.
