TJX, the parent company of TJ Maxx, Marshalls, and HomeGoods, will follow Walmart's recent announcement and raise worker's wages above the minimum wage, Forbes reports.

Starting this summer, all hourly employees will make at least $9 per hour, the company said on Wednesday. In 2016, all hourly employees that have been working at stores for at least six months will earn at least $10 per hour.

"This pay initiative is an important part of our strategies to continue attracting and retaining the best talent in order 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," CEO Carol Meyrowitz said.

"This is the way retailers need to go," Brian Yarbaugh, an analyst at Edward Jones in St. Louis, told Bloomberg. "Some of the best performers already pay higher wages." 

TJX spokesperson Doreen Thompson would not say how much workers at TJX stores currently make, but a recent Credit Suisse report estimates they currently make $8.24 on average. That is still above the federal minimum wage of $7.25 per hour.

TJX employees 191,000 associates worldwide. Most of them work in stores greeting customers, stocking shelves and operating cash registers. 

TJX reported a 11 percent rise in fourth-quarter profit to $648.2 million and announced it would buy back about $1.8 billion-$1.9 billion of shares this fiscal year, Fox Business reported.

With Walmart and TJX both raising wages, similar companies like Target and Staples will be urged to do the same. The wage hikes indicate a strong economy and stable labor market.

TJX companies should be able to retain more employees thanks to the wage increases.

What do you think about TJX and Walmart raising their wages for all employees? Are these companies doing enough to provide for their employees? Leave us a comment below and let us know what you think.