Photo: Smith Collection/Gado/Getty Images

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

Go deeper

Sep 22, 2020 - Economy & Business

New Uber for Business services look to tackle back-to-work COVID challenges

Uber headquarters in San Francisco. Photo: Liu Guanguan/China News Service via Getty Images

Part of the challenge of bringing employees back to work is making sure they are safe traveling to and from the job, and that they don't risk getting sick on their lunch break.

Why it matters: Companies can deep-clean their workplaces and rethink office layouts in preparation for their staff's return. But if employees are riding public transit to work, or streaming out to nearby restaurants at lunchtime, they could be putting everyone at risk.

FDA chief vows agency will not accept political pressure on coronavirus vaccine

Food and Drug Administration Commissioner Stephen Hahn promised that "science will guide our decision" for a coronavirus vaccine at a Senate hearing on Wednesday.

Why it matters: More Americans are expressing doubt about a first-generation vaccine, despite President Trump's efforts to push an unrealistic timeline that conflicts with medical experts in his administration.

CEO confidence rises for the first time in over 2 years

Data: Business Roundtable; Chart: Naema Ahmed/Axios

A closely-watched CEO economic confidence index rose for the first time after declining for nine straight quarters, according to a survey of 150 chief executives of the biggest U.S. companies by trade group Business Roundtable.

Why it matters: The index, which still remains at a decade low, reflects corporate America's expectations for sales, hiring and spending — which plummeted amid uncertainty when the pandemic hit.

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