Yesterday was a good day to smile if you are an Amazon (NASDAQ: AMZN) employee. The company announced it would raise its minimum wage to $15.00 per hour for all U.S. staff, including full-time, part-time, temporary and seasonal employees. The change goes into effect November 1. It will impact more than 350,000 employees, including 100,000 seasonal staff and associates hired from temp agencies, as well as Whole Foods employees and other Amazon subsidiaries.

“We listened to our critics, thought hard about what we wanted to do, and decided we want to lead,” said Jeff Bezos, Amazon founder and CEO, in the announcement. “We’re excited about this change and encourage our competitors and other large employers to join us.”

Amazon said all hourly operations and customer service employees will receive an increase, including those who are making $15.00 an hour already. Amazon did not specify how much those raises would be or how many employees would be impacted.

Amazon also announced that it would advocate for an increase in the federal minimum wage.

“We will be working to gain Congressional support for an increase in the federal minimum wage. The current rate of $7.25 was set nearly a decade ago,” said Jay Carney, senior vice president of Amazon Global Corporate Affairs. “We intend to advocate for a minimum wage increase that will have a profound impact on the lives of tens of millions of people and families across this country.”

In addition to the new hourly wage, employees will continue to receive benefits including comprehensive healthcare, life and disability coverage, 401(k) matching contributions, up to 20 weeks of paid parental leave, training, tuition reimbursement and more.

This news comes just a week after Amazon announced that it would expand grocery delivery and pickup from Whole Foods Markets to more cities, bringing the total cities to 48. Delivery through Prime Now would expand to reach Ann Arbor, Detroit, Jacksonville, Madison, Milwaukee, Omaha, Orlando, St. Louis, Tampa and Tulsa along with additional sections of Seattle and New York City. Grocery pickup services, which launched in August, has expanded to include Fort Worth, Kennesaw, Richmond, Sacramento and Virginia Beach. Prime members can order groceries using the Prime Now app and choose free pickup within an hour for orders of $35 or more, or within an hour for $4.99.

“Prime Now delivery continues to be a hit with our customers and we’re excited to introduce the service in ten new cities plus more neighborhoods in New York and Seattle,” said Christina Minardi, Whole Foods Market Executive Vice President of Operations, in a statement. “And for our customers in Ft. Worth, Kennesaw and Richmond, we’re thrilled to also offer the option of grocery pickup. It’s just another way we’re making it even easier for more customers to enjoy Whole Foods Market’s healthy and organic food.”

Insider Take:

At the time we wrote this article, the stock market had not had time to react to the news, but we don’t anticipate it will have a big impact. Yes, raising wages will increase expenses, but it could improve employee retention – and public goodwill – which could help offset those costs. It also sets a higher standard for other large employers. Amazon has seen its stock value double in the last year. As of 10:43 a.m. EDT yesterday, Amazon stock was valued at $2,007.18, compared to $959.19 on October 2, 2017.