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Macy’s said on Monday that it would raise its minimum wage to $15 an hour by May and start offering education benefits to employees in February.

The increase will lift Macy’s average base pay above $17 an hour, a company statement said. Macy’s did not specify its current minimum wage, but said it varied by location. The education program will cover tuition, books and fees for programs including high school completion, college preparation, and associate and bachelor’s degrees within a network. It is expected to cost the company $35 million over the next four years.

Macy’s will also offer employees an extra paid day off, it said.

Retailers have been scrambling to hire ahead of the all-important holiday season, which is expected to be bustling after a grim 2020. Many chains are raising wages and offering new…

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