MINNEAPOLIS (KMSP) - Target is raising its minimum wage to $10 per hour starting in May, sources familiar with the decision told Reuters and the Wall Street Journal. Target Corp. wouldn’t confirm the wage hike, but provided the following statement:
“Our team is a huge part of what makes Target, Target. We pay market competitive rates and regularly benchmark the marketplace to ensure that our compensation and benefits packages will help us to both recruit and retain great talent.”
The minimum wage hike matches an increase implemented by top competitor Wal-Mart earlier this year. Target previously increased its base minimum wage to $9 an hour in 2015, following an increase by Wal-Mart.
On Aug. 1, 2015, minimum wage in Minnesota was increased to $9 per hour for large companies with annual gross sales of $500,000 or more. Smaller companies must pay employees at least $7.25 an hour, based on annual gross sales. Beginning August 1, 2016, Minnesota’s minimum wage will rise to $9.50 per hour and may continue to rise in future years due to inflation.
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