NEW YORK (WBEN) -- In the fight to attract and keep workers on the payroll, Macy’s is the latest chain to make some changes.
The department store, with over 500 locations in the United States, announced it will raise its minimum wage to $15 per hour by next May.
The company said once the change goes into effect, its average base pay will move above $17 an hour and average total pay will be $20 an hour.
In addition to more per paycheck, Macy’s is touting a new education benefit that will cover 100% of tuition, books and fees in partnership with Guild Education.
The benefit will include bachelor’s degrees, English language learning, professional certificates and more. It’ll cost the chain about $35 million over the next four years.
The company has also offered $500 referral bonuses, something fellow competitors like Amazon and Walmart have also introduced in similar methods.
The moves come with weeks before the holiday shopping season hits a fever pitch, with some retailers struggling to fill much-needed positions for the impending rush.
Macy’s had previously said they were looking to hire 76,000 full- and part-time employees for the season.