Target (NYSE:TGT) is increasing the minimum wage of its employees and offering them a bonus for working during the novel coronavirus pandemic.
Here’s what employees need to know about the Target minimum wage increase and pandemic pay.
- Target is increasing its starting minimum wage for employees to $15 an hour.
- That includes its “full-time and part-time team members at stores, distribution centers and headquarters locations.”
- The company will start offering this new wage on July 5, 2020.
- This will have the company reaching its goal of $15 an hour for a minimum wage by 2020 that it set back in 2017.
- That minimum wage increase started at $11 an hour and increased to $13 an hour in June 2019.
- Target is also offering a one-time bonus to employees that worked during the coronavirus.
- This will have its “frontline store and distribution center hourly workers” receiving a $200 bonus.
- The bonus will be sent out to employees at the end of July.
- That’s on top of the previous bonus that was sent out to employees during April.
- The company also points out that it kept its $2 per hour hazard pay going for longer than expected during the pandemic.
- TGT is also extending many of its benefits for employees during the coronavirus.
Melissa Kremer, Chief Human Resources Officer at Target, said the following.
“The most important investments we make are in our team. I have tremendous gratitude for the way our team members show up with such purpose and pride for our guests, communities and one another. These investments help ensure that team members can build meaningful careers, take care of themselves and their families and contribute to building our communities through their work inside and outside of Target.”
As of this writing, William White did not hold a position in any of the aforementioned securities.