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

Carl Icahn: 'The minimum wage should go up'
Carl Icahn: 'The minimum wage should go up'

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 (TGT) also committed to a $15 minimum wage by the end of 2020.

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

Related: New study casts doubt on the benefit of Seattle's $15 minimum wage

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.

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