Target hikes pay to $24 per hour for some employees
Target will invest upward of $300 million in its team throughout 2022
Starting wages for some Target hourly employees will rise to as much as $24 per hour.
The Minneapolis-based retailer announced Monday that its starting wages will now range from $15 to $24 for team members across its stores, supply chain facilities and headquarters locations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 125.01 | +3.42 | +2.81% |
The exact wage will depend on the type of job and the local job market, according to Target.
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In 2017, Target claimed it led the industry in pushing its starting wage to $15 per hour. The latest increase will position the company "as a wage leader in every market where it operates," Target said.
A Target employee pulls red shopping carts into the Santa Fe NM store. (iStock / iStock)
"We want all team members to be better off for working at Target, and years of investments in our culture of care, meaningful pay, expanded health care benefits and opportunities for growth have been essential to helping our team members build rewarding careers," said Melissa Kremer, Target's chief human resources officer.
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The company is also enhancing its health care benefits such as offering free virtual physical therapy and enhanced fertility benefits. Target says employees will also get faster access to 401(k) plans.
About 20% of Target's team will now be newly eligible for its comprehensive health care benefits.
With its latest funds in pay and health care benefits, Target will invest upward of $300 million in its team throughout 2022.