Target Corp. will raise its minimum hourly wage to $11 in October and pledged to raise its minimum wage to $15 an hour by the end of 2020.
Target (NYSE: TGT), which announced earlier this month that it would hire 100,000 seasonal workers for the holidays, is attempting to bolster its staff in a highly competitive retail marketplace. Rival Wal-Mart Stores Inc. (NYSE: WMT), for example, raised its minimum wage to $10 an hour last year. A report from The Wall Street Journal earlier this year said Walmart's average salary is $13.69 an hour.
Target declined to give specific numbers on how many of its employees would be impacted by the raise. An hourly wage of $11 is higher than the minimum wage in 48 states, including Pennsylvania, New Jersey and Delaware. In our tri-state region, New Jersey has the highest minimum wage at $8.44 per hour.
“We look at wages all the time on a market-by-market basis and as we thought about investments in our teams, our stores and our brands. … We think this is a very important investment to make as we move into the holiday season," Target CEO Brian Cornell said during a media call on Friday.
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