(WSVN) - Macy’s is raising its minimum wage and is offering a new benefit for employees.

The company announced Tuesday that it will raise its minimum wage to $15 an hour. Macy’s said they have already started phasing in the $15 an hour across several markets and that all of their employees will make at least $15 an hour by May 2022.

Macy’s also announced plans to commit $35 million to a debt-free education benefit program over the next four years. The program will begin in February 2022.

The program will be available for all U.S.-based, regular, salaried and hourly colleagues. The program will cover 100% of tuition, books and fees for different education options, including courses for high school completion, college prep, English language learning, and associate and bachelor’s degrees within their “debt-free network.”

Macy’s said they are partnering with Guild Education to build the program.

Macy’s is not the first company to raise its hourly wage in recent times.

CVS announced in August it was raising its minimum wage to $15 an hour. Costco also raised its minimum wage to $17 an hour. Starbucks announced they were raising their hourly pay to between $15 and $23 in 2022.

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