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These Wall Street Companies Are Committed to $15 Per Hour Minimum Wage

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You might be surprised to know that the federal minimum wage has not been raised since July 2009. It's still $7.25 per hour.

Newly-elected U.S. President Joe Biden has been a strong advocate in raising the federal minimum wage to $15 per hour, which is also a part of his 1.9 trillion American Rescue Plan revealed in January.

Related: President-Elect Biden's American Rescue Plan, What You Need to Know

"Hard working Americans deserve sufficient wages to put food on the table and keep a roof over their heads, without having to keep multiple jobs. But millions of working families are struggling to get by," Biden's Rescue Plan reads. "This is why the president is calling on Congress to raise the minimum wage to $15 per hour, and end the tipped minimum wage and sub-minimum wage for people with disabilities so that workers across the country can live a middle class life and provide opportunity for their families."

However, critics are not all-in for $15 minimum wage. As per a study by the Congressional Budget Office released on February 8, $15 federal minimum wage would reduce poverty but also reduce employment.

Although Capitol Hill continues battling on raising the minimum wage, some big companies have taken matters into their own hands regarding $15 pay.

On Feb. 18, Walmart  (WMT) - Get Walmart Inc. Report announced that it will pay an average of $15 per hour to its employees. However, the country’s largest private employer’s starting minimum wage still stands at $11 an hour.

Last year, Target  (TGT) - Get Target Corporation Report and Best Buy  (BBY) - Get Best Buy Co., Inc. Report raised their minimum wages to $15 per hour.

“In the best of times, our team brings incredible energy and empathy to our work, and in harder times they bring those qualities plus extraordinary resilience and agility to keep Target on the forefront of meeting the changing needs of our guests and our business year after year,” said Target CEO Brian Cornell, in a statement.

Costco  (COST) - Get Costco Wholesale Corporation Report increased its minimum wage to $15 in 2019, whereas Amazon  (AMZN) - Get, Inc. Report did it in 2018. 

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