Costco raises its minimum wage to $16 an hour, surpassing competitors

By Kaelan Deese

Published February 25, 2021 6:37pm ET

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Costco raises its minimum wage to $16 an hour, surpassing competitors — FILE - A shopper pushes a cart outside Costco Wholesale in Danvers, Mass. in this May 27, 2009 file photo. Costco's fiscal second-quarter net income fell 15 percent, hurt by softer sales of some non-food items, weaker gross margins in its fresh foods business and the impact of weaker foreign currency exchange rates on its international results. Its latest performance missed Wall Street's view. The stock declined in premarket trading on Thursday March 6, 2014. (AP Photo/Elise Amendola, File) | Elise Amendola

Costco will raise its minimum wage to $16 an hour, the company’s CEO said.

CEO Craig Jelinek announced the decision in a meeting with lawmakers Thursday at a Senate Budget Committee hearing.

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