Macy's plans to raise minimum wage and to offer tuition assistance

Macy's said on Monday that it would raise its minimum wage to $15 an hour by May and will start offering education benefits to its employees by February. A company statement said that this rise in pay would lift Macy's average base pay above $17 an hour. Macy's did not confirm its current minimum wage but said that it varies from location to location. The education plan that the company plans to offer will cover tuition, books and fees for programs including high school completion, college preparation, and associate and bachelor’s degrees within a network. It is expected to cost the company $35 million over the next four years. Further, Macy's also said that it would offer employees an extra paid day off. 

In anticipation of the upcoming holiday season, most retailers have been struggling to hire workers into the retail industry. Many chains are raising wages, offering bonuses, new benefits and additional flexibility to workers. Jeff Gennette, the chief executive of Macy's said that there was "a war for talent at the front lines." Macy's said that it aims to hire 76,000 full and part-time employees this season. 

Source: The New York Times