CVS to Increase Minimum Wage to $ 15 an Hour – WISH-TV | Indianapolis News | Indiana weather
(CNN) – CVS will raise its minimum wage for hourly workers to $ 15 by next summer, becoming the latest major U.S. chain to commit to a $ 15 starting rate as companies battle it out. workers in a tight labor market.
The pharmacy giant, which has nearly 300,000 employees, said on Wednesday it would start raising wages for hourly workers this month and hit the $ 15 an hour company-wide mark next July. . CVS will also increase starting rates for positions such as pharmacy technicians and call center representatives over $ 15. About 65% of hourly CVS employees already earn more than $ 15 an hour, the company said.
Many retailers, restaurants and other service sector employers are struggling to hire and have raised wages, offered signing bonuses, and extended their benefits to attract and retain workers.
“Attracting and retaining the best talent in our businesses is essential as we continue to redefine what it means to meet people’s health needs,” CVS CEO Karen Lynch said Wednesday.
The company also said it recently eliminated its high school diploma or GED requirement for most entry-level jobs and plans to eliminate the GPA requirement for college hiring in order to expand its labor pool.
CVS joins a growing list of companies such as Amazon, Target and Best Buy to upgrade to a starting salary of $ 15 an hour.
Other companies with minimum wages below $ 15 an hour, such as Walmart, McDonald’s and Chipotle, have also increased wages in recent months.
The federal minimum wage is $ 7.25 an hour. President Joe Biden backs raising the federal minimum to $ 15, but a proposal to raise it to that level recently blocked in Congress.
In April, Biden sign an executive order raising the minimum wage for federal contract workers to $ 15 in early 2022 from the current level of $ 10.95.