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The Home Depot Says It Is Spending $1 Billion To Raise Its Starting Wage To $15

A aerial shot shows the outside of a Home Depot store. The sign for Home Depot is at the forefront of the image, white block letters against an orange background. To the left, white vans are moving to the front of the store entrance.
In an aerial view, a sign is seen posted on the exterior of a Home Depot store on Feb. 21, 2023 in El Cerrito, California. Home improvement retailer Home Depot announced plans to spend an estimated $1 billion to raise pay and benefits for hourly workers at its stores.
(Justin Sullivan
Getty Images)
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The Home Depot is spending $1 billion to give associates wages of at least $15, the company announced Tuesday.

The first changes were reflected in employees' Feb. 17 paycheck, while other employees will see the changes on their Feb. 24 paychecks.

"The most important investment we can make is in our people," CEO Ted Decker said. "We believe this investment will position us favorably in the market, enabling us to attract and retain the level of talent needed to sustain the customer experience we strive to deliver."

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It said it additionally has enhanced training and career development opportunities and promoted 65,000 associates in 2022.

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