Costco boosting starting wage from $15 to $16 this week

NEW YORK — Costco will increase its starting wage to $16 an hour, surpassing most of its main competitors.

Costco CEO Craig Jelinek announced the increase Thursday at a Senate Budget Committee hearing, led by Sen. Bernie Sanders, to examine wages at major companies. Jelinek said the starting wage for Costco employees would rise to $16 this week, up from $15 the company instituted two years ago.

The starting wage scale puts Costco above competitors, including Amazon, Target and Best Buy, which have $15 minimum wages. Walmart’s starting pay is $11 an hour.

Jelinek said the higher pay would bolster worker retention and productivity.

“I want to note: This isn’t altruism,” Jelinek said. “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.”

Workers from Walmart and McDonald’s testified at the hearing to demand those companies raise their minimum pay.

Beyond Meat inks McD’s, Yum deals

EL SEGUNDO, Calif. — Plant-based food company Beyond Meat will be partnering with several major fast-food chains in the coming years to expand offerings that could eventually include plant-based burgers, chalupas or toppings on a stuffed-crust pizza.

Beyond Meat on Thursday announced distribution agreements with McDonald’s as well as with Yum Brands, the parent company of KFC, Taco Bell and Pizza Hut.

Beyond Meat had limited partnerships with McDonald’s and Yum Brands before. The companies are expanding those ties.

Chicago-based McDonald’s will use the partnership to roll out what it is calling the “McPlant” burger, as well as eventually plantbased pork, egg and chicken products.