U.S. retailer Gap Inc. announced Wednesday that it will voluntarily boost the minimum wage of US employees to $9 an hour in 2014 and $10 an hour in 2015.

Gap said the policy change will affect about 65,000 workers in the U.S.

“Our analysis determined that by increasing hourly pay for U.S. employees to a minimum of $10 in 2015, we can strengthen our ability to attract and retain a skilled, enthusiastic and engaged workforce,” Gap said on its website.

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The policy applies to all Gap stores, which include the namesake brand, Banana Republic and Old Navy.

Gap’s announcement comes amid intensifying debate in Washington on a proposal by President Barack Obama to raise the federal minimum wage to $10.10 an hour.

A report from the non-partisan Congressional Budget Office Monday said the proposal could lift 900,000 people above the poverty line but may cost half a million jobs.

Obama Wednesday issued a statement praising Gap’s action and calling on Congress to pass his bill “and give America a raise.”

Gap declined to estimate the financial impact of the decision, but described itself as “a financially strong and healthy company” that can absorb the higher cost without harming shareholders.

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“To us, this is not a political issue,” said Gap chief executive Glenn Murphy. “Our decision to invest in frontline employees will directly support our business, and is one that we expect to deliver a return many times over.”