Costco lifts minimum wage above Amazon or Target to $16 per hour

[JacksinPA]

Costco lifts minimum wage above Amazon or Target to $16 per hour

Costco Wholesale Corp is raising the minimum wage for its hourly staff to $16 from next week, a dollar more than what its competitors Amazon.com Inc and Target Corp pay per hour.

www.reuters.com

(Reuters) - Costco Wholesale Corp is raising the minimum wage for its hourly staff to $16 from next week, a dollar more than what its competitors Amazon.com Inc and Target Corp pay per hour.

The membership-only retailer’s move comes as U.S. President Joe Biden plans to raise the minimum wage to $15 per hour by 2025, and a week after rival Walmart Inc raised its hourly wage to an average of $15.

Costco's Chief Executive Officer Craig Jelinek made the announcement at a U.S. Senate Budget Committee hearing on worker wages at large companies. (bit.ly/3r6YwoQ)
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I think this is both inflationary as well as out of whack with inflation. The $1.25 min wage I was paid in 1960 is worth today under $11. But in 1960 I lived at home & didn't have car expense.

 

[Aunt Antifa]

Gee, will ya look at that.

 

[Bonnot]

Are they union busting like Amazon is btw?

 

[HenryChinaski]

Costco lifts minimum wage above Amazon or Target to $16 per hour

Costco Wholesale Corp is raising the minimum wage for its hourly staff to $16 from next week, a dollar more than what its competitors Amazon.com Inc and Target Corp pay per hour.

www.reuters.com

(Reuters) - Costco Wholesale Corp is raising the minimum wage for its hourly staff to $16 from next week, a dollar more than what its competitors Amazon.com Inc and Target Corp pay per hour.

The membership-only retailer’s move comes as U.S. President Joe Biden plans to raise the minimum wage to $15 per hour by 2025, and a week after rival Walmart Inc raised its hourly wage to an average of $15.

Costco's Chief Executive Officer Craig Jelinek made the announcement at a U.S. Senate Budget Committee hearing on worker wages at large companies. (bit.ly/3r6YwoQ)
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I think this is both inflationary as well as out of whack with inflation. The $1.25 min wage I was paid in 1960 is worth today under $11. But in 1960 I lived at home & didn't have car expense.

Good, It pleases me when companies recognize their workforce as valuable assets and pay them accordingly.

 

[JacksinPA]

Good, It pleases me when companies recognize their workforce as valuable assets and pay them accordingly.

Unfortunately, companies will always think of their employees as an expense that can be readily replaced.

Based on what I was told the minimum wage in 1960 ($1.50/hr) was only worth under $11 today, so $15 is just going to raise prices & fan inflation. Look what it did to the minimum wage since 1960.

 

[diz]

Good, It pleases me when companies recognize their workforce as valuable assets and pay them accordingly.

Sure, companies that want better workers should pay more. Indeed paying more than your competitors is one of the surer ways to get better workers when you want or need better workers.

This shouldn’t be confused with what minimum wage laws are about (in spite of that being what the “journalist” here appears to be doing by using the phrase “minimum wage” in this context.)

Minimum wage laws are about banning people who want to pay less for workers from doing so. If all Costco, Amazon and Target’s competitors are forced to pay $15 per hour they won’t get better workers by paying $15 per hour.

 

[Kushinator]

Costco lifts minimum wage above Amazon or Target to $16 per hour

Costco Wholesale Corp is raising the minimum wage for its hourly staff to $16 from next week, a dollar more than what its competitors Amazon.com Inc and Target Corp pay per hour.

www.reuters.com

(Reuters) - Costco Wholesale Corp is raising the minimum wage for its hourly staff to $16 from next week, a dollar more than what its competitors Amazon.com Inc and Target Corp pay per hour.

The membership-only retailer’s move comes as U.S. President Joe Biden plans to raise the minimum wage to $15 per hour by 2025, and a week after rival Walmart Inc raised its hourly wage to an average of $15.

Costco's Chief Executive Officer Craig Jelinek made the announcement at a U.S. Senate Budget Committee hearing on worker wages at large companies. (bit.ly/3r6YwoQ)
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I think this is both inflationary as well as out of whack with inflation. The $1.25 min wage I was paid in 1960 is worth today under $11. But in 1960 I lived at home & didn't have car expense.

It's not 1968 and Costco isn't trying to pull MW talent....

Efficiency wages are a real thing....