Costco Wholesale Corp., the Issaquah, Washington-based American multinational retailer that operates a chain of membership-only warehouse clubs, has raised the minimum wage of its hourly workers above rival Amazon.com Inc and Target Corp to $16 per hour, a dollar more than the aforementioned Costco rivals had been paying off to their hourly workers, the 38-year-old member-only retailer said later last week.
On top of that, latest move from Costco to raise its hourly workers’ minimum wage to $16 per hour came forth a week after the world’s largest brick-and-mortar and online retailer Walmart Inc had raised its hourly wages to an average of $15 per hour.
More importantly, the membership-only retailer’s recent approach to hike payrolls of its hourly workers came forth amid the US President Joe Biden’s push to raise minimum wages to $15 per hour by 2025, nonetheless, industry analysts were quoted saying over the weekend that a Biden Administration would likely to meet with a steeper headwind regarding its drive to lift up minimum wages to a $15 per hour.
Costco to raise minimum wages for hourly workers to $16/hour
In factuality, Costco Wholesale Group, the retail warehouse club chain employing more than 180,000 workers in the United States, had also offered a premium payment to workers during the peak of the pandemic, while the membership-only retailer, founded in Seattle, Washington, had experienced a blowout rally in sales last year as pandemic-wary Americans were found to be stockpiling their pantries.
Meanwhile, speaking at a US Senate Budget Committee hearing on worker wages at large companies following the announcement, Costco Chief Executive Craig Jelinek said, “It takes a lot of time to interview, find employees, lot of labor involved just trying to hire individuals.
We want people to stay with us. ” Costco raised its minimum wages for hourly workers to $15/hour back in the 2019s, a couple of years earlier than those of a deluge of deep-pocket rivals.