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Minimum Wage Increase at The Gap

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The clothing retailer Gap Inc. (NYSE:GPS) is behind the new minimum wage push. In a conference call to employees yesterday, the company announced that it will be raising the minimum hourly rate for U.S. employees to $9 in the current year and $10 the following year. According to Gap, raising the minimum will yield a substantial return for the company over time. About 65,000 GAP employees will benefit from the hourly wage increase. Both increases will be effective in the month of June for each year.