Reports: Target is raising its minimum wage for employees again

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Reuters reports Target will soon pay all employees a minimum of $10 an hour.

Molly Snyder, a spokesperson for Target, said in a statement she can't confirm the Reuters (or Wall Street Journal) article, but commented:

"Our team is a huge part of what makes Target, Target. 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 federal minimum wage is currently $7.25 per hour. In Minnesota, the minimum wage for large employers is $9 an hour, but it's set to jump to $9.50 come Aug. 1.

Similar moves from other companies

Target says it has 1,793 stores in the U.S., and employs 347,000 people around the world.

It would be the second time in the past year the Minneapolis-based retailer has upped its minimum wage rate – last April, Target bumped everyone up to $9 an hour, a move that came after Wal-Mart, TJ Maxx and Marshalls made similar hikes.

Wal-Mart continued its upward trend this year, announcing in January all employees will earn at least $10 an hour (after going through a training period at $9 an hour).

The Wall Street Journal says Target's most recent decision is in response to increasing competition for retail workers.

The Bureau of Labor Statistics says the median pay for a retail workers in 2014 was $10.42 an hour, which adds up to about $21,670 a year. About one-third of them worked part-time.

With more than 29,000 workers, Target is Minnesota's fourth largest employer (though many of its employees are salaried; not paid by the hour). The company laid off 1,700 workers at itsTwin Cities headquarters last spring.

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