Target will pay workers a minimum of $15 an hour by the end of 2020

The chain hopes it'll help them "recruit and retain" strong employees.

Target plans to raise its minimum hourly wage to $15 by the end of 2020.

And the Minneapolis-retailer says it'll start giving its lowest-paid workers a $1 raise next month, so they'll make $11 instead of the $10 they're making now.

This means thousands of current Target employees, as well was the more than 100,000 hourly employees it'll hire for the holidays, will be getting a raise in October. 

"Target has always offered market-competitive wages to our team members," CEO Brian Cornell said in a statement. "With this latest commitment, we'll be providing even more meaningful pay, as well as the tools, training, and support ... that set Target apart."

In its announcement, Target said raising the minimum wage is a "significant investment in its team," noting it'll help the company "recruit and retain strong" employees, and make shoppers' experiences better. 

This comes amid the "Fight for $15" movement, in which workers are pushing for a $15 minimum wage across all industries.

Target last upped its minimum wage for its lowest-paid workers in 2016, bringing it to $10. 

Now, this $11 minimum wage will be higher than minimum wage in 48 states – including Minnesota's $9.50 minimum wage for large employers – as well as the federal minimum wage of $7.25 per hour.

In a post on Facebook, Minneapolis Mayor Betsy Hodges said she commends Target for its "bold and visionary act of leadership," and hopes other companies will do the same. 

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