Target to pay $10 minimum wage to employees

(WRIC/ABC) — Starting next month, Target will increase its minimum wage to $10 an hour.

The company last raised its minimum pay rate in April 2015 to $9 an hour, according to ABC News. The federal minimum wage is $7.25 per hour.

The retailer has about 341,000 employees at nearly 1,800 stores nationwide.

“Our team is a huge part of what makes Target, Target,” Target spokeswoman Molly Snyder said in a statement. “We pay market competitive rates and regularly benchmark the marketplace to ensure that our compensation and benefits packages will help us to both recruit and retain great talent. However, we typically don’t disclose the details of our compensation programs.”

The announcement follows raises from Walmart and Sam’s Club, who bumped the hourly pay for more than one million employees to an average of $13.38 in February.

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