Costco has revealed their most exciting news yet, and while it's usually us customers that get all the surprises, this time it's their employees...
Costco is like no other place on earth.
via: ShutterstockAfter Walmart, it's the second-largest retailer in North America, having been founded way back when in 1983. Imagine - there was once a world without Costco!
The store has a pretty unique premise.
via: ShutterstockIt's designed for small businesses to buy large amounts at wholesale prices - but it's also open to the public, meaning regular folks can make some pretty impressive savings.
Which can bring on a certain type of hysteria.
When everything is enormous and affordable, shopping at Costco can quickly turn into something of a frenzy.
Costco memberships are pretty serious business.
But once you're in, you get unlimited access to all the amazing (and unique) products they have on offer.
There's another reason Costco is so beloved, too.
Can we say free samples?
There's nothing better than cruising past the unsuspecting employees multiple times to make you feel like a secret agent.
Costco jokes are a beloved subgenre of Twitter.
Wife: You'll be so proud of me. I saved $9 at Costco. Me: How much did you spend? Wife: $600.— James Breakwell, Exploding Unicorn (@James Breakwell, Exploding Unicorn)1416779949.0
And once in a while, they hit headlines for a brand new product...
But this time it's their employees that have received some exciting news...
Costco plans to edge up its starting wage to sixteen dollars an hour, starting next week...
CEO W. Craig Jelinek said on Thursday.
And it's safe to say people are all for it...
Costco first raised its starting pay to fifteen dollars per hour back in 2019.
Costco employs about 180,000 U.S. workers, and most of their hourly workers are paid above twenty-five dollars, Jelinek told the Senate Budget Committee.
"I want to note this isn't altruism," Jelinek said.
"At Costco we know that paying employees good wages ... makes sense for our business and constitutes a significant competitive advantage for us. It helps us in the long run by minimizing turnover and maximizing employee productivity."
This news comes as Congress prepares to vote on legislation to increase the minimum wage to fifteen dollars by 2025.
A campaign pledge by President Biden.
Dozens of states and cities have surpassed that level already, which is promising.
costco raised their minimum wage to $16 and i am thinking about this again https://t.co/h8S7cX0PSm— danaka (@danaka)1614275465.0
Earlier this month, the Congressional Budget Office said the increase would pay for at least seventeen million people and lift almost 1 million out of poverty but also cut 1.4 million jobs in the process.
Many large corporations have agreed to the gradual rise.
Them: Costco is adopting a new $16 minimum wage. Me: https://t.co/KjtxpVQRfg— Katie G (@Katie G)1614286070.0
Retailers including Target, Best Buy, and Amazon have also increased their starting wages to fifteen dollars an hour.
However, the majority of small businesses were against the new federal minimum wage.
Successful businesses can’t be profitable with an increase to minimum wage. Costco: https://t.co/LNdEaBRnUJ— teatime75 (@teatime75)1614278810.0
According to a survey, a third said they would likely lay off workers if Congress passed the plan.
Amazon has been advocating in favor of the increase for a while...
And just last week Walmart said it would raise pay for almost half a million employees from eleven dollars to between thirteen and nineteen an hour.
The CEO of Walmart and the Chamber of Commerce has agreed they're in support of raising the minimum wage.
But argued that fifteen dollars an hour might be too high for some parts of the country.
Hopefully, it's the start of some positive change.
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