CVS plans to boost minimum wage

(CNN) — CVS is raising its minimum wage for employees to compete with other retailers.

USA Today reports the company is boosting starting salaries to $11 an hour, which equals salaries at Walmart and Target.

The drug store chain also says it will give raises to pharmacy technicians and many other workers already making higher wages.

CVS expects the added salaries along with maintaining health insurance premiums and increasing parental leave to cost about $425 million a year.

The company says it is investing its tax savings into the workforce.

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