T.J. Maxx, Marshalls to increase wages for employees

Workers at T.J. Maxx, Home Goods, and Marshalls can expect a raise in June, as The TJX Companies Inc. announced Wednesday it will increase its pay of workers in the United States to at least $9 an hour.

By 2016, workers with at least six months of employment will see a bump up to $10 an hour. "This is the way retailers need to go," Brian Yarbrough, an analyst at Edward Jones, told Bloomberg. "Some of the best performers already pay higher wages." TJX stock rose 3.3 percent at the close of trading Wednesday, the company's biggest one day gain in six months.

In a statement, CEO Carol Meyrowitz said the pay increase is part of a strategy to "deliver a great shopping experience for our customers, remain competitive on wages in our U.S. markets, and stay focused on our value mission." The news came a week after Walmart said it would start paying workers at least $9 an hour by April and $10 an hour by next February.

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