Benzinga | Sep 3, 2021 07:19AM EDT

Labcorp Increases Minimum Hourly Wage To $15

* Laboratory Corp of America Holdings (NYSE:LH) has increased the minimum hourly wage for U.S.-based employees to $15 from $10.95.

* The Company joins several other firms in implementing measures to retain staff amid a nationwide labor shortage.

* Lab Corp has more than 70,000 employees and said that the new minimum wage for non-union employees is effective this month.

* Other U.S. companies such as Walgreens Boots Alliance Inc (NASDAQ:WBA), CVS Health Corp (NYSE:CVS), and Walmart Inc (NYSE:WMT) also raised the minimum hourly wages for employees in recent weeks, reports Reuters.

* Read Next: Stock Wars: CVS Health Vs. Walgreens Boots Alliance.

* Price Action: LH stock closed 1.11% higher at $308.34 on Thursday.