Costco Raises Minimum Wage To $14 An Hour

June 2, 2018

Costco has announced that it is raising its starting minimum wage to $14 an hour, a $1 increase for entry level positions.

Costo's CFO Richard Galanti said in a call with investors on Thursday that around 130,000 employees will benefit from this wage increase.

In addition, all warehouse employees will receive an increase of between $0.25 to $0.50 an hour, he said.

This will likely increase Costco's ranking as one of the best places to work in the United States. The retail chain landed at #34 in Glassdoor's 2017 list.

"The best part is all the perks — guaranteed hours, benefits, time and a half on Sundays, free turkeys at Thanksgiving, four free memberships, a livable wage," an employee told Business Insider.

The wage increase comes in the wake of the GOP's corporate tax cuts, which has encouraged companies to raise wages and give bonuses to employees.

Other major companies, including Walmart and Starbucks, announced in the past year that they would raise wages after the GOP-backed tax bill passed.