Published: Tue, September 26, 2017
Markets | By Erika Turner

Target sets goal of $15 minimum wage by 2020

Target sets goal of $15 minimum wage by 2020

Minnesota, where Target is based, will increase its minimum wage from $9.50 an hour to $9.65 an hour for large employers on January 1.

Major retailer Target has announced a new high-profile target of its own for employee pay, as candidates in Virginia and politicians across the US debate what is an appropriate minimum wage. The chain raised hourly wages to $10 in April 2016 after increasing to $9 a year earlier to match similar hikes by Walmart.

Target expects the significant investment in its team, which comprises more than 323,000 individuals, will enable it to recruit and retain quality employees in a strengthening labor market.

California and NY recently passed legislation that will gradually increase mandatory minimum wage to $15 over several years.

Merkel to remain atop Germany, but anti-immigrant party gains support
Lauder congratulated German Chancellor Angela Merkel calling her "a true friend of Israel and the Jewish people". The Social Democrats look to have taken 20% of the vote. "We will hunt Ms.

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 change makes Target's minimum wage higher than that in 48 states, including Alabama, where basic hourly pay is $7.25. The company is also spending $7 billion to remodel stores and open new locations, including on college campuses.

Of course, one of the problems companies must consider when raising their minimum wage is how much the decision will affect their profits. Chains such as Costco Wholesale Corp. also have boosted wages, while states like MA and Washington have established $11 an hour as the going rate for all workers.

A minimum hourly wage of $11 is higher than the minimum wage in 48 states and matches the minimum wage in MA and Washington. U.S. Senate Democrats recently introduced a $15 minimum wage bill.

Like this: