For 65,000 Gap employees, paychecks are about to change for the better.

The clothing company announced Wednesday that it would raise the minimum wage to $9 starting in June and to $10 by next year. This move will affect employees at Gap, Banana Republic, Old Navy and other Gap Inc. stores, The New York Times reported.

Gap CEO Glenn K. Murphy said the decision was not a political move. "To us, this is not a political issue. Our decision to invest in front-line employees will directly support our business, and is one that we expect to deliver a return many times over," Murphy wrote in a letter to the company's employees.

President Barack Obama praised the company for its decision. In a statement released on Wednesday night, President Obama noted that he asked more businesses to raise their employee wages in his State of the Union Address. "Today, I applaud Gap, Inc. for announcing that they intend to raise wages for their employees beginning this year..."

"But only action from Congress can make a difference nationwide," the statement added. "Right now, there is a bill in front of both the House and the Senate that would boost America's minimum wage to $10.10 an hour, and lift wages for more than 16 million workers - all without requiring a single dollar in new taxes or spending."

Gap is not taking an official stance on the federal minimum wage debate, the company said.

Fast food workers recently went on one-day strikes in several cities, asking to be paid $15 an hour. And many protests were held last year asking Walmart to pay its employees at least $25,000 a year, reported The New York Times.