NEW YORK (AP) — National clothing chain Gap said on Wednesday that it plans to raise the minimum hourly wage for its U.S. employees to $10 next year.
The San Francisco company said the minimum wage for workers at all of its brands will be raised to $9 an hour in 2014 and $10 an hour in 2015. Gap said the increases will affect about 65,000 store employees.
Gap Inc.'s stores include Gap, Banana Republic and Old Navy.
In January, President Barack Obama called on Congress to raise the federal minimum wage to $10.10 an hour from $7.25 and also called on employers to raise their employees' wages.
Obama also said he will increase the minimum wage for workers covered by new federal contracts to $10.10 an hour.
Gap shares fell four cents to $42.19 on Wednesday.
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