NEW YORK - TJX Cos. (TJX), the owner of T.J. Maxx, Marshalls and Home Goods stores, says it will boost pay for U.S. workers to at least $9 per hour.
The announcement comes a week after Wal-Mart Stores Inc. (WMT) said it would increase wages for its employees. Low-paying retailers are having a harder time retaining workers as the job market improves.
A TJX spokeswoman declined to say what workers currently earn. A recent Credit Suisse report estimates TJX's current hourly pay at about $8.24.
Hourly workers will start to receive the pay increase in June. In 2016, the company plans to pay all associates that have worked at its stores for more than six months at least $10 per hour.
TJX, based in Framingham, Massachusetts, operates 3,395 stores and has about 191,000 associates.