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Costco will increase the minimum wage of its employees to $16 an hour

Warehouse executive said that it is about altruism, but about strengthening the benefits of its workers

Costco announced it will raise its employees’ minimum wage to $16 an hour, beating most of its major competitors.

Costco CEO Craig Jelinek said the starting salary for Costco employees would increase to $16 starting next week, another step up from the $15 the company instituted two years ago.

 

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

The federal minimum wage is currently $7.25.

Jelinek said strengthening the minimum wage would boost staff retention and worker productivity.

“I want to point out that this is not altruism,” Jelinek said. “At Costco, we know that paying employees good wages and providing affordable benefits makes sense for our business and is a significant competitive advantage for us”

Costco

Costco ranks near the top of most best employer lists, in no small part because its cashiers and stockers average $15 an hour, as do warehouse supervisors, while meat cutters have a average of $19 dollars , according to Payscale. As if that weren’t enough, it offers more than a dozen benefits for its employees, including health care, 410(k) plans , employee stock purchases and health care reimbursement accounts.

Walmart

One of the characteristics that has made Walmart one of the largest employers in the US is the fact that it promotes hundreds of workers every day. The company believes in hiring from the inside: More than 75% of its managers started their careers at Walmart as hourly employees, and those managers earn $175,000 a year . To get there, you start at a salary of $11 an hour, although this salary could increase depending on factors such as location and experience. This factor will change very soon, as the company would increase your starting salary to $13-$19 per hour, with an average starting salary of $15.25. Without against health benefits, scholarships for associates, skills training, among others.

Whole Foods Market

Whole Foods Market has remained on the Fortune 100 Best Companies to Work For list every year since the publication began the list in 1998. Average employee salaries only go up as they advance within the company.

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