How Much Do Retailers Actually Pay Hourly Workers?
Target (NYSE: TGT) made news earlier this week by making public plans to increase its minimum hourly wage for all employees to $11 in October. The chain also pledged to increase wages to a $15-per-hour minimum by 2020.
The company said in a press release that a "significant investment in its team will allow Target to continue to recruit and retain strong team members." It comes at a time when unemployment sits near historic lows and the idea of a $15-an-hour minimum wage has become a huge topic of national debate.
Target's move follows its previous wage hike to a $10 an hour minimum in 2016. It also follows efforts from its chief rival, Wal-Mart (NYSE: WMT), to raise wages. In February 2016 the company pledged to pay any employees hired before Jan. 1, 2016 at $10 an hour and that any workers hired after that would receive at least $9 an hour, with their rate increasing to at least $10 upon completion of a training program.
Source: Fool.com
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