Report: Target to increase minimum wage — again

Target Corp is raising its minimum wage to $10 an hour, Reuters reported.

The reported increase comes amid an increasingly competitive job market and widespread calls by activists and labor groups for retail and restaurant chains to offer higher wages.

According to the report, most Target employees who earn less than $10 per hour should see their base pay go up in May. But the increase will also affect employees who already make over $10 an hour, the report said, with these associates being entitled to an annual merit raise and a pay-grade hike related to experience and position of the employee.

Target raised its minimum pay rate in April 2015 to $9 an hour, up from the federal minimum wage of $7.25 per hour at the time. Walmart has already raised its lowest starting wage to $10 per hour.