Retail giant Target Corp (NYSE:TGT) is planning to increase its minimum wage for workers next month to US$11 an hour.
The company said it also plans to raise the floor further to US$15 an hour within three years.
The company employs around 323,000 workers, and with the unemployment rate running at low levels last seen at the turn of the century, competition for unskilled workers is hotting up.
“Target has a long history of investing in our team members,” claimed Brian Cornell, who is both chief executive and chairman of Target.
“Target has always offered market competitive wages to our team members. With this latest commitment, we’ll be providing even more meaningful pay, as well as the tools, training and support our team needs to build their skills, develop professionally and offer the service and expertise that set Target apart,” he added.