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Target raises its minimum wage to $13 from $12

Target announced in 2017 a plan to raise its starting hourly wages for workers to $15 by the end of 2020.
Credit: Scott Olson
CHICAGO - JULY 18:Heightened concerns that energy prices are slowing consumer spending helped to drag shares of Target down today for their biggest one-day percentage slide in eight months. (Photo by Scott Olson/Getty Images)

NEW YORK — Target is raising the minimum hourly wage for its workers for the third time in less than two years.

The Minneapolis-based retailer said Thursday it plans to raise the hourly starting wage to $13 from $12 in June.

Target announced in 2017 a plan to raise its starting hourly wages for workers to $15 by the end of 2020 and raised its starting hourly wage to $11. In March 2018, it boosted hourly wages to $12 after seeing a bigger and better pool of candidates.

With unemployment near rock bottom, retailers are under pressure to find qualified workers. In October, Amazon announced a minimum hourly wage of $15 for its U.S. employees.

Walmart raised its starting pay to $11 an hour in early 2018.