Report: Target to raise minimum wage to $9 an hour next month

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Target will match Wal-Mart by raising the minimum wage of its employees to $9 an hour starting in April, according to reports Wednesday.

Reuters said a source has confirmed a Dow Jones story, which said the Minneapolis-based retail giant will bring in new wage levels next month.

The company has not confirmed the figures, saying it does not disclose wage levels.

Reuters said Target was under pressure to raise wages as it competes for employees with Wal-Mart, which announced a $9 minimum wage earlier this year, as did TJ Maxx and Marshalls.

But the Business Journal said there's no indication at this stage that Target will follow Wal-Mart's lead in raising its minimum wage to $10 an hour in 2016.

The website also points out that Target would have had to increase wages in Minnesota in August anyway, when the state's minimum wage levels for large employers increases to $9, before rising to $9.50 in August 2016.

The federal minimum wage is currently $7.25 per hour.

Target CEO Brian Cornell revealed in a strategy presentation earlier in March that Target would "stay competitive" when it comes to staff wages, though he didn't provide any specifics at that time.

The presentation came a week before Target announced 1,700 headquarters job cuts, almost all of them in the Twin Cities.

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