By Renwick Wilson | FOX.com Business
Minimum wages in the U.S. are under increased scrutiny ahead of the November midterm elections.Though the federal minimum wage is only $7.25 per hour, the hourly minimum varies widely by both state and city, ranging from the mandated minimum to as high as $15 per hour.
In the wake of the Tax Cuts and Jobs Act passed in 2017, many companies announced plans to implement higher minimum wages for their employees.
Here are five companies that have started to implement these higher minimum wages.
1. Amazon: $15 per hour
Beginning on Nov. 1, Amazon will raise its minimum wage to $15 per hour for the company’s 250,000 full and part-time employees, as well as for its nearly 100,000 seasonal employees.
2. Costco: $14 per hour
The wholesale retailer announced in June that it wasraising its minimum wage to $14 per hour from $13. Costco pays employees some of the highest wages among U.S. retailers, with the average hourly salary of $22.50.
3. Target: $12 per hour
Target raised its minimum wage to $12 per hour in the spring, after previously raising it to $11 per hour in the fall. The company has said it gradually plans to raise it to $15 per hour by 2020.
4. Walmart: $11 per hour
Citing the recent tax cuts, retail giant Walmart announced that it was raising its minimum wage to $11, raising questions as to whether this move would push its competitors to do the same.
5. CVS: $11 per hour
The pharmacy and retail health chain announced in February that it would hike its minimum wage to $11 an hour, in addition to offering other employee benefits.