Get the latest market trends in your inbox
Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul
Tampa-St. Petersburg news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg
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