Target Raising Minimum Wage To $15 Per Hour By 2020

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Target announced Monday that it will be increasing its minimum hourly wage to $11 next month, after increasing it to $10 in 2016.

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

In recent years, several cities and a few states have moved to boost minimum hourly wages, including Maryland, Nebraska, Alaska, South Dakota and IL, as well as cities Los Angeles, San Francisco and Seattle.

"Target has always offered market-competitive wages to our team members", CEO Brian Cornell said in prepared remarks. Target's initiative is part of its overall strategy to reinvent its business.

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Virginia's minimum wage has been $7.25 since 2009, mirroring the national minimum.

The increase will apply to the 100,000 seasonal employees it's hiring for the holidays, but the company declined to say how many of its 323,000 regular employees would see a lift. Target not only faces the wage war from Wal-Mart, it also faces strong competitions from e-commerce as more and more people choose to shop online.

Target also says that it doesn't plan to stop its minimum wage increase at just $11 per hour.

As Target competes with behemoths like Amazon.com Inc. Minneapolis this summer joined at least three dozen other cities that have voted to raise hourly pay to at least $15 an hour in the coming years.

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But how many will follow in Target's $15-an-hour footsteps? Company officials are promising that the pay will be increased to $15 by 2020.

"Thanks are due to the workers and advocates in Minneapolis and across the country who helped set this standard for the region and the nation".

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