Costco to raise minimum wage for employees to $14 New wage is nearly twice as much as federal minimum wage
(Rich Brooks/CNN)
Costco employees are getting a raise. That's the word from multiple sources including WSJ.com and BusinessInsider.com .
Executives announced Thursday that the starting hourly wage for its employees would be increasing by $1 to $14. Other employees will receive raises between 25 cents and 50 cents an hour. The increases go into effect Monday.
RELATED: Price war intensifies between Costco, Target and Walmart
Costco's new minimum wage is almost twice as much as the current federal minimum wage of $7.25 an hour.
Costco officials said the raises are a result of savings from last year's tax rate changes.
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