Costco Raises Minimum Wage to $16 an Hour
In the middle of a worldwide pandemic with people still losing jobs and businesses failing, Costco Wholesale has chosen to do the right thing for their 180,000 nationwide employees. Starting this week the membership-only retailer announced to the U.S. Senate Budget Committee that they are raising their minimum hourly starting wage from $15 to $16. The last time they raised their minimum wage was in 2019, and according to Yahoo Finance, more than half of Costco's hourly workers make over $25 an hour. So, in the midst of a national debate arguing that less than $8 an hour is an acceptable way to pay your employees, Costco is a shining star.
Costco CEO Craig Jelinek told MSN Money “This isn’t altruism, at Costco, we know that paying employees good wages and providing affordable benefits makes sense for our business and constitutes a significant competitive advantage for us.” Apparently, his philosophy has always been that if you treat your employees right, they will provide a better working environment and better customer service for the business. And honestly, who doesn't agree with that? I think it's brilliant.
Costco customers are showing their appreciation for the company's move on Twitter:
The move also prompted Senator Bernie Sanders to call for a similar move from another retail giant, Walmart, which is the nation’s largest private employer. Walmart officials stated last week that they will be offering half of their workers, (about 730,000 people) $15 an hour in the near future.
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