Target is boosting its minimum wage

Target has previously raised its minimum wage to $10 last May, and before that to $9 an hour in April 2015.

Target Corp. said it is raising its minimum wage to $11 an hour starting next month and to $15 an hour within three years, as the retailer competes to fill low-wage jobs in a tighter labor market.

Target, the second-largest discount store retailer in the United States, increased the minimum wage a year ago to $10 per hour to compete with No. 1 retailer WalMart, which raised its starting pay to that level. The increase also applies to the over 100,000 seasonal employees Target is hiring for this year's holiday season.

With the latest increase to $11 per hour, Target's minimum wage will outstrip Wal-Mart's hourly minimum wage and set it above minimum requirements in 48 states, according to the Wall Street Journal.

Executives at the Minneapolis-based retailer declined to say how many of its 323,000 hourly employees at stores and distribution centers might get a raise.

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Target spokeswoman Jenna Reck said the wage increase demonstrates a "much bolder and more vocal investment in our team". The company is also spending $7 billion to remodel stores and open new locations, including on college campuses. The company also hopes to use a higher minimum wage to "recruit and retain" top-level team members.

The increased minimum wage ordinances will likely have a muted effect as market forces have naturally driven wages up in recent years.

According to Target, a minimum hourly wage of $11 is higher than the minimum wage in 48 states, and matches the minimum wage in MA as well as Washington. Should other retailers do the same?

Until today, that was the Target's last major wage increase. Democratic leadership introduced a bill in July to take the $15 minimum wage national, but the legislation failed to attract the requisite support to advance.

(Copyright © 2015. All Rights Reserved.)
 
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