Warehouse shopping titan Costco announced Thursday that it will raise the minimum wage for its employees to $16 per hour ahead of a pending bill before Congress that will raise the national minimum wage to $15 per hour by 2025, Reuters reports.
Costco, which already pays its employees a minimum of $15 per hour, is trying to maintain an advantage in attracting workers. Competitors Amazon and Target already pay their employees $15 per hour, and Walmart announced that it will raise its hourly wage to $15 per hour for its Walmart and Sam’s Club locations.
Costco’s Chief Executive Officer Craig Jelinek made the announcement at a U.S. Senate Budget Committee hearing on worker wages at large companies.