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.

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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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