Giant Food Stores latest retailer to raise minimum wage

Giant Food Stores and co-owned Martin's Food Markets became the latest retail chain to announce an increased minimum wage for its employees.

The retailer joins Walmart (NYSE:WMT), Target (NYSE:TGT) and McDonald's, who have all made similar promises to raise their minimum wages since the start of 2015.

The chain's 197 stores, located in Pennsylvania, Maryland, Virginia and West Virginia, will begin paying employees at least $9 an hour as of June.

About one-third of the company's 33,000 employees will be impacted by the wage increase. The other two-thirds are currently paid more than $9 an hour.

The current federal minimum wage is $7.25, but national companies such as TJMaxx (NYSE:TJX), parent company of T.J. Maxx, Marshall's and Home Goods, made a promise to raise their minimum wage to $9 this year and to $10 in 2016.

For more:
-See this Giant/Martin's press release

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