Target raises minimum wage to $11 an hour, $15 by 2020

Target is giving its workers a raise.

The company announced Monday that it would increase the minimum hourly wage for all workers to $11 next month.

Target also committed to a $15 minimum wage by the end of 2020.

“Target has a long history of investing in our team members. We care about and value the more than 323,000 individuals who come together every day with an absolute commitment to serving our guest,” says Brian Cornell, CEO and chairman. “We’ve always offered market-competitive wages to our team members. With this latest commitment, we’ll be providing even more meaningful pay, as well as the tools, training and support our team needs to build their skills, develop professionally and offer the service and expertise that set Target apart.”

The company says the increase will also apply to the more than 100,000 hourly workers it is hiring for the holidays.

Target has been steadily raising its minimum wage for the past few years. Last year, it hiked the amount to $10 an hour.

The $11 wage is higher than the minimum wage in 48 states, and it matches amounts in Massachusetts and Washington, Target says.

It’s also much higher than the current federal minimum wage of $7.25.