By now we should all know that working for the minimum wage is no way to make a living, and it’s safe to say many hourly workers in high-stress jobs deserve more. An Economic Policy Institute study finds we can stride toward pay equality with a $15 minimum wage by 2024. Some big corporations are already heading in that direction. America’s biggest companies are giving raises to their employees and paying more than minimum wage already.
During our countdown to the company paying way more than minimum wage, we’ll swing by a loved and hated chain (page 5) and one of the most loved retailers in America (page 9). But first, we’ll give you a refresher.
Where we’re at now
- Federal minimum wage: $7.25
The minimum wage across the country is $7.25 an hour, which is where it’s been for years. Some hourly workers, such as servers and bartenders, make far less than $7.25.
Next: Changes are brewing
- Minimum wage: more than $7.25
International coffee chain Starbucks pays more than $7.25 per hour, though it doesn’t have a set minimum and it varies state-to-state, according to CNN Money. The company has other benefits, such as six weeks parental leave, and Business Insider reports the company is increasing payroll by $120 million.
Next: An international darling with its hands in everything.
- Minimum wage: $10.50
We peg Disney’s minimum wage at $10.50 since Florida employees make $10 and California workers get $11. However, one of the shocking truths is that $11 doesn’t go very far in California, which is why Disney is working toward a $15 minimum wage for all its hourly employees by 2020.
Next: A pay raise plus another perk.
- Minimum wage: $11
CVS employees got a big pay raise in April 2018. The pharmacy chain bumped hourly pay to $11, roughly a $2 increase from where it was, according to Fortune. Another new perk for full-time employees? Four weeks parental leave at full pay.
Next: Reasons to hate and love this retailer.
- Minimum wage: $11
There are lots of reasons almost everybody hates Walmart, but the store’s employees probably don’t feel the same way. Thanks in part to the Republican tax plan, the company bumped the minimum wage from $9 to $11 an hour.
Next: Putting cash in everyone’s pockets.
4. Home Depot
- Minimum wage: $11.33
Thanks to all the secrets to saving money at the store, Home Depot helps us keep cash in our pockets. Employees can say the same thing. According to CNBC, hourly workers earn way more than minimum wage at an average of $11.33. It’s not quite the $15 minimum wage some people want to see, but its a lot more than the federal minimum.
Next: Close to 300,000 employees making more than minimum wage.
- Minimum wage: $11.70
Lowe’s sales associates earn $11.70 per hour, according to CNBC, which averaged salary info from Glassdoor. Moneyish reports starting pay is nearly $13, but we’ll go with the more modest figure. With 290,000 employees on the payroll, paying significantly more than minimum wage is a big investment in the workforce.
Next: A brief stop on the way to a high minimum wage.
- Minimum wage: $12
For now, Target pays $12 an hour for its minimum wage. However, $12 is just a brief stop on the way to Target’s goal of paying $15 an hour, which it plans to reach by 2020 in an effort to compete with other huge retailers.
Next: Customers and employees love this retailer.
- Minimum wage: $14
Costco is always among the most loved retailers in America thanks in part to its awesome customer service. Employees love it, too. The company’s minimum wage at the beginning of 2018 was $13, already way ahead of most other retailers, but things are getting better for employees, Food & Wine reports the company will pay at least $14 per hour for all employees as of June 11, 2018.
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