Target to raise minimum wage to $11; pledges to pay workers $15 an hour by 2020

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MINNEAPOLIS, Minn. – Target announced plans to hike its minimum raise to $11 next month and will increase the minimum hourly wage to $15 by 2020.

The company made the announcement Monday, calling it a “significant investment in its team” that will allow to the retailer to attract and retain top employees. Target also said the move would provide an “elevated experience” for shoppers and communities.

Target raised its minimum to $10 last year. The company said the $11 hourly wage tops the minimum wage in 48 states and matches the minimum in Massachusetts and Washington.

Brian Cornell, Target’s chairman and CEO, released a statement about the wage increase:

“Target has a long history of investing in our team members. We care about and value the more than 323,000 individuals who come together every day with an absolute commitment to serving our guests. Target has always offered market competitive wages to our team members. With this latest commitment, we’ll be providing even more meaningful pay, as well as the tools, training and support our team needs to build their skills, develop professionally and offer the service and expertise that set Target apart.”

Target said the increase will apply to the more than 100,000 hourly workers it plans to hire for the upcoming holiday season.

The company offers several benefits to its employees, including a 10-percent discount on merchandise and a 20-percent discount on fresh fruits and vegetables. Other benefits include health care and wellness programs, paid parental leave, a credit union, tuition reimbursement and 401(k) match programs.