Statement from President Obama
In my State of the Union Address, I asked more businesses to do what they can to raise their employees’ wages. Today, I applaud Gap, Inc. for announcing that they intend to raise wages for their employees beginning this year – a decision that will benefit about 65,000 workers in the U.S. As a chief executive, I’ve required federal contractors to pay their employees a wage of at least $10.10 an hour, and more states are taking steps to raise their minimum wage as well. But only action from Congress can make a difference nationwide. Right now, there is a bill in front of both the House and the Senate that would boost America’s minimum wage to $10.10 an hour, and lift wages for more than 16 million workers – all without requiring a single dollar in new taxes or spending. It’s time to pass that bill and give America a raise.
Updated: February 19, 2014 5:44PM
NEW YORK (AP) — Clothing chain Gap says it will raise the minimum hourly wage for its U.S. employees to $10 in 2015.
The San Francisco company said the minimum wage for workers at all of its brands will be raised to $9 an hour in 2014 and $10 an hour in 2015. Gap said the increases will affect about 65,000 store employees.
Gap Inc.’s stores include Gap, Banana Republic and Old Navy.
In January, President Barack Obama called on Congress to raise the federal minimum wage to $10.10 an hour from $7.25 and also called on employers to raise their employees’ wages. Obama also said he will increase the minimum wage for workers covered by new federal contracts to $10.10 an hour.
Gap shares fell 4 cents to $42.19 on Wednesday.