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Target raises minimum wage to $15 an hour months before its deadline

A Target store employee collects shopping carts to bring back into the store on August 21, 2019 in Pembroke Pines, Florida.

Joe Raedle | Getty Images

Target said Wednesday it is raising its minimum wage to $15 per hour and will give all hourly employees a one-time bonus of $200.

The $2 per hour raise will apply to employees at stores and distribution centers, beginning July 5. Target had temporarily raised its wages by $2 an hour in March as coronavirus cases rose.

The bonuses, which recognize part-time and full-time employees’ work during the pandemic, will be paid out at the end of July, according to the company, which has more than 350,000 employees and nearly 1,900 stores across the U.S.

Target’s announcement is the culmination of several years of raising employee pay. Three years ago, the retailer announced a plan to increase its starting hourly pay from $10 to $15 over three years. It raised the minimum wage to $13 an hour last June and pledged to raise it to $15 an hour by the end of 2020.

The company is extending benefits it began offering during the pandemic, including free backup care for employees’ children or needy adults through August, free mental health counseling and 30-day paid leave for employees at higher risk of Covid-19.

Starting this week, it added a new benefit: All employees can get free access to virtual doctor visits through the end of the year, even if they do not get health insurance through Target.

Read more: https://www.cnbc.com/2020/06/17/target-raises-minimum-wage-to-15-an-hour-months-before-its-deadline.html