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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 23, 2020 - Economy & Business

The high-wage jobs aren't coming back

Reproduced from Indeed; Chart: Axios Visuals

The pandemic has caught up with high-wage jobs.

The big picture: Early on, the pandemic walloped hiring across the wage spectrum and in every sector. Now, states have opened up, and the lower-wage retail and restaurant jobs have slowly come back — but higher-paying jobs are lagging behind.

Updated 9 hours ago - Politics & Policy

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.

10 hours ago - Economy & Business

CNN fires Chris Cuomo

Photo: Kevin Mazur/Getty Images for CNN

CNN said Saturday evening it has fired one of its star anchors, Chris Cuomo, following new revelations from a legal review made by the company into Cuomo's involvement in the management of his brother's sexual harassment scandal.

Why it matters: Saturday's firing speaks to how much pressure CNN was under by employees and critics to address Cuomo's behavior.