COSTCO TO RAISE MINIMUM WAGE TO $16 AN HOUR

Costco is raising its minimum wage to $16 an hour, leapfrogging competitors including Target and Amazon. Costco CEO Craig Jelinek announced the increase Thursday at a U.S. Senate Budget Committee hearing on worker wages at large companies. Said Jelinek: “Two years ago, we moved our starting hourly wage to $15 everywhere in the U.S. Effective next week, the starting wage will go to $16.” The wholesale chain already is paying many of its 180,000 U.S. workers a much higher rate. Jelinek said the average wage for hourly workers is around $24 per hour.