Home Depot will Spend $1 Billion to Raise Hourly Workers’ Pay

Home Depot announced on Tuesday that it will be spending an additional $1 billion this year to increase the pay of hourly workers.

The new average age has not been disclosed, but the company’s starting wage for every market is at least $15 an hour. The pay increase will be seen this month in the hourly workers’ paychecks, according to CNBC.

Home Depot is following suit from other retailers that have made efforts to hire more workers or boost pay. Earlier, Walmart announced that it was raising the minimum wage from $12 to $14. And, CNBC reported, Chipotle Mexican Grill has plans to hire 15,000 restaurant workers before the spring season.

Home Depot CEO, Ted Decker, said in an email to employees that was obtained by CNBC, “This investment will help us attract and retain the best talent into our pipeline.” He also explained that Home Depot would be adding more training opportunities as well.