Target Aims at Investing $300 Million to Foster Wages and Benefits in the Current Year
According to Bloomberg News, Target Corp plans to invest an extra $300 million on benefits and wages in the current year as the competition for labor gears up.
Investing in wages and benefits The lowest wage limit of $15 per hour will continue to remain the same; however, the payout for the new employees will be as high as $24 per hour, depending on the job description and the local market, as stated by Target Monday. Aside from the same, this retailer also aims to expand the eligibility criteria for the many healthcare plans and hasten the process of accessing the benefits. There has been extensive ramping up of wages by the retailers as they strive to fill up the positions at warehouses and the stores in the stringent US labor market. Costco Wholesale Corp increased the starting hourly wage to $17 last year. Walmart Inc. increased payout for the new workers, although the starting wage of $12 per hour is far behind by a wide margin compared to that of the competitors.