Target will raise minimum hourly wage to $11 to counter Wal-Mart

Target raises minimum wage to $11 an hour $15 by 2020

The discount-store operator also said it is committed to increasing the minimum hourly wage to $15 by the end of 2020.

The big-box retailer on Monday announced that it is raising its minimum wage from $10 per hour to $11 per hour, CNBC is reporting.

The retail giant said it will increase the minimum hourly wage to $11 an hour starting next month. The wage increase will apply to "thousands" of Target's roughly 320,000 current employees and the some 100,000 temporary hires expected this holiday season.

"Target has always offered market competitive wages to our team members", Brian Cornell, CEO and chairman of Target, said in a release.

The move comes after intense pressure over the past few years from labor groups and from some competitors who raised their minimum wage first. The company is also spending $7 billion to remodel stores and open new locations, including on college campuses.

Target has about 323,000 employees at its more than 1,800 stores. The federal minimum wage is $7.25 per hour, which has not increased since July 2009.

The number of retail job openings has steadily increased since 2010 and the national unemployment rate is at its lowest point in the last 16 years, making it more hard for retailers to hire sufficient numbers of temporary holiday workers. The company also hopes to use a higher minimum wage to "recruit and retain" top-level team members.

However, it is much different for a private company to instill a minimum wage than it is for a city or a federal government. That number gained serious traction during the last presidential campaign, and Democrats recently introduced a $15 minimum wage bill that is backed by Sen.

"They've got a broad, long-term problem because the labor market is tight and it's going to get tighter", Mark Zandi, chief economist at Moody's Analytics told The Wall Street Journal.

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