Target raising minimum starting pay for second time

Target raising minimum starting pay for second time Click to Enlarge

(KNSI/AP) - Target is raising its minimum starting pay for workers for the second time in less than a year after seeing a bigger and better pool of candidates.

Target, which hiked starting pay to $11 an hour last fall, said all workers this spring will receive a minimum of $12 per hour.

CEO Brian Cornell said Tuesday that Target will offer workers $15 an hour by 2020.

He says Target Corp. recorded a significant spike in applicants when it boosted pay, and a better quality of worker, too.

Target is reporting fourth-quarter earnings just shy of expectations, though revenue is better than expected.

Target had a profit of $1.1 billion, or $2.02 per share. Earnings, adjusted for one-time gains and costs, were $1.37 per share, which is 2 cents short of analyst projections, according to Zacks Investment Research.

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