On the heels of Wal-Mart’s recent wage increase, the parent company of retailers T.J. Maxx, HomeGoods and Marshalls unveiled its own plans to raise its workers’ pay.
TJX Companies Inc. said it would raise its U.S. workers’ wages to at least $9 per hour in June and $10 per hour next year for workers who have been employed at the company for at least six months.
“This pay initiative is an important part of our strategies to continue attracting and retaining the best talent in order to deliver a great shopping experience for our customers, remain competitive on wages in our U.S. markets, and stay focused on our value mission,” TJX CEO Carol Meyrowitz said in a statement.
The move puts the retail giant’s wages on par with Wal-Mart’s. Wal-Mart, the nation’s largest private employer, announced last week that it would be raising its minimum wage to $9 per hour in April and $10 per hour in early 2016.
It was widely expected that Wal-Mart’s move would prompt other big box stores to follow suit. The recent move by the retailers has also raised hopes that the tightening labor market will put upward pressure on wages. It also reflects the pressure that unions and protesting workers have been putting on the companies to raise pay and improve labor conditions.