Target Boosts Hourly Minimum Wage to $11

Target boosting workers' minimum wage to $11 an hour

Target raised its minimum to $10 past year.

Target says it will raise its minimum wage from $10 to $11 an hour by October and boost it again to $15 hourly by 2020.

Target's new $11 an hour rate is higher than the minimum wage in 48 states and matches the minimum wage in MA and Washington state, the company said in a statement.

"This significant investment in its team will allow Target to continue to recruit and retain strong team members and provide an elevated experience for its guests and in the communities it serves", Target said in a statement.

Chief Executive Officer Brian Cornell declined to address the shift on a teleconference with reporters, although a spokeswoman said later that the company was making a bigger deal out of the new wage floor as it marked "a much bolder and more vocal investment in our team".

The number of retail job openings has steadily increased since 2010 and the national unemployment rate is at its lowest point in the last 16 years, making it more hard for retailers to hire sufficient numbers of temporary holiday workers.

Currently, Target employs 323,000 people at more than 1,800 stores.

The CEO said Target factored the total unspecified wage increases into its sales and earnings outlooks.

Virginia's minimum wage has been $7.25 since 2009, mirroring the national minimum. The change makes Target's minimum wage higher than that in 48 states, including Alabama, where basic hourly pay is $7.25. U.S. Senate Democrats recently introduced a $15 minimum wage bill. Minneapolis plans to boost its minimum wage to $15 for large businesses by July 2022.

However, it is much different for a private company to instill a minimum wage than it is for a city or a federal government. The Wall Street Journal reported in January that Walmart's average salary is $13.69 an hour.

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