Target Announces Permanent Minimum Wage Hike
Minneapolis, MN (KROC-AM News) - The Minnesota-based Target Corporation today announced a permanent two dollar per hour increase in the company's minimum wage will take effect next month.
The retailing giant says the new minimum wage of $15 per hour will begin on July 5th. Target, nearly 3 years ago, announced it intended to reach a $15 per hour minimum wage by the end of 2020.
In addition to the pay hike, Target announced it will be paying out one time $200 recognition bonuses to its frontline employees in the stores and distribution centers to thank the workers for their efforts during the pandemic.
“In the best of times, our team brings incredible energy and empathy to our work, and in harder times they bring those qualities plus extraordinary resilience and agility to keep Target on the forefront of meeting the changing needs of our guests and our business year after year,” said Brian Cornell, Chairman and CEO of Target Corporation. “Everything we aspire to do and be as a company builds on the central role our team members play in our strategy, their dedication to our purpose and the connection they create with our guests and communities.”
The company says, with the changes announced Wednesday, Target will be spending almost $1 billion more this year on wages, pay leaves, bonus payouts, protective equipment, and the donation to the Target Team Number Giving Fund.