UNDATED -- CVS Health is the latest company to announce it is raising its minimum wage to $15 an hour.

The company says the new minimum wage will be in effect by July of next year, with incremental increases to the company's hourly rates starting this month.

About 65 percent of the employees earning hourly wages already make more than $15 an hour.

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In addition to boosting wages, CVS Health is removing some requirements for working there. Recently the company eliminated the high school diploma or GED requirement for most entry-level jobs, and this year it will eliminate the GPA requirement for university recruitment.

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