Announcement of Wage Increase at Target Corporation
Target Corporation, a large company with numerous stores across the United States, has announced plans to raise the starting hourly wage of their workers to between $15 and $24. This wage increase is part of a larger plan to enhance worker compensation and benefits, projected to cost up to $300 million in 2022.
Applicability of New Wage Bracket
Target, headquartered in Minneapolis, stated that this new wage bracket will apply to their workers across stores, supply facilities, and corporate offices. The precise wage for each worker will depend on their specific job role and the location of their work.
Target’s Ongoing Commitment to Elevated Wages
This wage hike is a part of Target’s ongoing commitment to elevate the minimum pay for their workers, a pledge made around five years ago. Indeed, in 2017, they promised to boost their minimum hourly pay to $11, and subsequently to $15 by the end of 2020. They achieved the $15 per hour mark in July 2020, even earlier than initially planned.
Target’s Market Position After Wage Increase
With this recent wage increase, Target aims to become a leading payer in every market it operates. Target owns about 1,925 stores distributed across all 50 states and the District of Columbia.
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Importance of Workers in Target’s Success
Melissa Kremer, the executive overseeing the employees at Target, emphasized the vital role workers play in the company’s success. The company regularly seeks their employees’ input and uses this feedback to make improvements that enhance worker satisfaction.
Improved Health Care Coverage and Benefits
In addition to wage increases, Target is also planning to enhance health care coverage for their hourly workers starting in April. They are making it simpler for more workers to qualify for comprehensive health care benefits. Workers will also have the opportunity to join a Target medical plan by working fewer hours each week than previously required, and they’ll experience a shorter waiting period to enroll in the health plan.
Details of the New Benefits Package
The new benefits package will include complimentary virtual physical therapy, improved fertility benefits, acupuncture coverage, and other health-related benefits. Workers will also gain faster access to their retirement savings plans.
Impact of the New Compensation and Benefits Plan
Target is confident that this new compensation and benefits plan will support the company’s commitment to social responsibility and positive environmental impact. Over the past five years, the company has provided assistance for education, health, family services, and COVID-19 related needs without incurring debt.
Comparison with Federal Minimum Wage
Despite these changes at Target, it’s noteworthy that the federal minimum hourly wage in the United States has remained at $7.25 since 2009. As of January 1, there are 30 states and the District of Columbia that have legislation in place to pay workers above the federal minimum wage.
Amanda Thompson is a seasoned human resource professional and tax expert with over two decades of experience in the field. She has authored numerous books and articles, establishing herself as a leading authority on employee assistance and W-2 form tax guides, All About Kroger Store, and Employee Login Guides. Amanda’s unique background in both HR and tax compliance allows her to offer clear, concise, and actionable advice for individuals and organizations looking to navigate the complexities of the modern workplace. Her dedication to empowering employees and simplifying the tax-filing process has earned her a loyal following, and her work has been featured in various industry publications and conferences.