Starbucks to raise baristas' hourly wages starting in January

Starbucks said it will boost wages for its hourly employees by at least 3%, with the increases going into effect January 1.

The Seattle-based coffee chain's wage hike comes amid its plan to double its employees' hourly incomes by the end of 2025, compared with 2020, through more hours and higher pay, according to a statement from Starbucks last week. 

Starbucks is boosting pay after reporting record annual revenue of almost $36 billion, with same-store sales jumping 8% compared with the prior fiscal year. The company has invested more than $1 billion since last year on its employees and to improve its stores, which it said has helped retain workers.