Jeff Bezos didn’t become one of the world’s richest men by missing a business opportunity, and on Tuesday the Amazon CEO showed he also has impeccable political timing. His decision to raise Amazon’s minimum wage to $15 an hour will buy the tech company some political insurance while also helping it steal workers from smaller competitors.

The decision is great news for Amazon workers and is probably overdue given the company’s success. Starting Nov. 1, the company will raise the pay of some 250,000 workers, including part-time,...