Target Raises Minimum Wage Range to $24 an Hour
Target announced that they plan to raise their hourly wage to $24 an hour.
The company released the news in a press release in which the retailer detailed the plan to implement a new starting wage range from $15 to $24 an hour.
The new wages will apply to hourly team members working in Target stores, supply chain facilities, and headquarter locations. However, there is no guarantee that all employees will make the $24 an hour that was advertised since the exact amount that will be paid is based on the job and the local market. But Target does have a universal starting rate of at least $15 an hour.
“The market has changed,” said Target CEO Brian Cornell in an interview. ”We want to continue to have an industry-leading position.”
Along with this big announcement the company also announced that they plan to expand access to health care benefits for its team members and their families. This new development will start in April when the company plans to roll out benefits to those who work 25 hour work weeks. In the past benefits were only available to those who worked 30 hour work weeks. This change will allow roughly 20% of Target’s staff to now be eligible for the company’s healthcare benefits.
Target is committed to investing as much as $300 million in bumps to pay and benefits to employees.