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Target announced Wednesday that it would hike its hourly minimum wage from $13 to $15 beginning July 5, CNBC reports.

Why it matters: The retailer said the move will give a raise to around 275,000 of its more than 350,000 employees.

  • Some workers in more expensive cities like New York and San Francisco have already been earning hourly wages of at least $15.
  • Back in 2017, the company pledged to raise its minimum wage to $15 by the end of 2020.

The big picture: Target said it would give part-time and full-time employees a $200 bonus at the end of July to recognize their work during the coronavirus pandemic.

  • It will also continue pandemic-related benefits, including free backup care for employees' children through August, free mental health counseling and 30-day paid leave for at-risk employees.
  • It also added a new benefit, allowing all employees access to virtual doctor visits through the end of the year, even if Target does not provide their health insurance.

Go deeper: Target's digital sales jump 141% as coronavirus keeps shoppers home

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