McDonald's to raise U.S. workers' hourly pay to $13 in company-owned stores

McDonald's is raising pay at 650 company-owned stores in the U.S. as part of its push to hire thousands of new workers in a tight labor market.

The Chicago-based fast-food giant said Thursday its hourly wages at company stores will increase an average of 10% over the next few months, to $13, and rise to $15 by 2024. Entry-level workers will make at least $11 an hour, while shift managers will make at least $15 per hour, the company said. But only around 5% of McDonald's 14,000 U.S. stores are owned by the company. The other 95% of stores in the U.S. are owned by franchisees, who set pay in their own restaurants.