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Macy’s to lift minimum wage to $15 an hour as labor market tightens -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A group of shoppers is seen outside Macy’s Manhattan in New York City. This was March 30, 2021. REUTERS/Caitlin Ochs

(Reuters) – Macy’s Inc. (NYSE:) announced Monday that it will increase the minimum wage for its over 100,000 U.S. workers to $15 per hour by May. This is in response to retailers’ efforts to retain and hire employees in an ever-competitive labor market.

The pandemic caused a labor shortage in the country, prompting retailers to offer higher wages and more benefits. Some are worried about not having enough employees at their stores or warehouses for this holiday season.

Amazon.com Inc. (NASDAQ:) announced in September it had raised its starting hourly wage in America to over $18. Walmart (NYSE.:) Inc. also reported this increase in their average hourly earnings.

Macy’s stated that it will invest in employee compensation and benefits and allocate $35 million to a U.S. education benefit program.

The company stated that Macy’s hourly average base salary will rise to $17 once the increases are in effect.

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