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Costco to boost starting pay and beyond for 130K U.S. workers

Costco is raising its minimum wage to at least $14 an hour by next Monday.

The retail chain, second only to Walmart in sales, also said it would raise pay for other 130,000 U.S. employees generally, at a time when unemployment nationally is low and there is keen competition for qualified employees.

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The company said it would increase its starting hourly wages by $1 to $14 or $14.50 an hour. Other hourly workers will receive raises of between 25 cents and 50 cents, Costco said.

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Part of the raise stems from last year’s federal tax cut for corporations, Costco acknowledged.

The company recently saw a good quarter financially. Net sales for the quarter that ended May 13 increased 12.1 percent, to $31.6 billion, from $28.2 billion last year.

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Meanwhile, net sales for the first thirty-six weeks of fiscal year 2018 increased 12 percent, to $95 billion, from $84.8 billion last year.

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