Apparel retailer Gap Inc (GPS.N) said it would raise the hourly pay for its U.S. employees to $9 in June 2014 and $10 in June 2015, after the White House said the minimum wage for federal contract workers would be raised to $10.10 an hour.
U.S. President Barack Obama signed an executive order last week to raise the minimum wage for federal contract workers to $10.10 an hour starting January 1, 2015 and encouraged employers nationwide to increase wages for their workers.
Gap, owner of Old Navy, Banana Republic and Gap apparel chains, said the increased pay will benefit about 65,000 store employees.
Wal-Mart Stores Inc (WMT.N), the largest private employer in the United States, said on Wednesday it was "looking at supporting" an increase in the federal minimum wage, Bloomberg reported, citing a company spokesman. (link.reuters.com/hej96v)
(Reporting by Aditi Shrivastava in Bangalore; Editing by Don Sebastian)