TJX Cos., parent of retail stores T.J. Maxx, Marshalls and HomeGoods, announced today that it will boost wages to a minimum of $10 an hour in 2016 for all employees who’ve been on board for six months. In June, it will raise its minimum wage to $9 an hour in advance of next year’s move.
The firm’s announcement follows the lead of Wal-Mart Stores Inc., which unveiled its own plan this past week for a $10 minimum wage in 2016 and a $9 minimum wage by this summer.
The current federal minimum wage is stuck at $7.25 an hour, where it’s been since 2009.
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