Target employees at stores and distribution centers in places like New York may see their wages as high as $24 an hour.
The latest: The retailer said that the minimum wage will be in the range of $15 to $24 an hour.
- The company also plans to spend an additional $300 million on its labor force this year, which includes better health care coverage for hourly employees.
- According to the Wall Street Journal, store associates at the company who work at least 25 hours a week can now enroll in a Target medical plan, lowered from the minimum 30 hours a week. This allows 20% of the staff to be eligible.
What they’re saying: The highest pay will be available to those in competitive markets while the universal minimum wage remains $15 an hour, according to the Associated Press.
- “The market has changed,” said Target CEO Brian Cornell. “We want to continue to have an industry-leading position.”
The bigger picture: Many retailers across the country adjusted for the cost of living in different markets. As of late, worker wages have risen due to a tight labor market.
- Target started paying employees $15 an hour minimum wage in 2020.
- Best Buy also raised the minimum wage to $15 an hour as well the same year, per the New York Times.
- From $15 an hour, Costco raised it to $17 an hour.
- Walmart’s hourly wages start at $12 an hour.