Target announced on Wednesday that it is raising its minimum wage to $15 an hour, months ahead of the end-of-2020 deadline it set for itself last year.
The chain will also give all of its employees a one-time bonus of $200.
The raises will apply to all employees in the company, including at all stores and distribution centers, reports CNBC.
The increase is set to go into effect on July 5.
According to the company, the one-time bonuses come in recognition of all employees who worked during the COVID-19 pandemic. These will be paid out at the end of July.
In March, Target temporarily raised the wages of all of its workers by $2 an hour amid the pandemic.
The company is extending other perks it’s offered in the wake of COVID-19, including free backup care for employees’ children or needy adults through August, free mental health counseling and 30-day paid leave for employees more susceptible to the virus.
The $15 minimum wage is the latest in a several-year plan by the company to increase wage. In 2017, Target introduced a plan to increase hourly wages from $10 to $15 over three years. Last June, it raised its hourly minimum to $13 an hour, and pledged to raise the number to $15 by the end of this year.
This week, Target joined the ranks of companies like Nike, the NFL, Twitter and Square, when it announced that it is giving hourly employees either a paid day off or will pay them time-and-a-half to work on June 19th, historically the date that marks the effective end of slavery in the United States.
Target employs more than 350,000 employees, with nearly 1,900 stores across the U.S.