Costco to raise minimum wage for employees to $14
New wage is nearly twice as much as federal minimum wage
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.
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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