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Feb. 25, 2021, 11:24 a.m. EST

Costco raising its minimum wage for U.S. workers to $16 per hour

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By Tonya Garcia

Costco Wholesale Corp. /zigman2/quotes/201191698/composite COST +0.52% Chief Executive Craig Jelinek announced Thursday that the warehouse retailer will raise the minimum wage for its U.S. workers to $16 per hour. "Two years ago we moved our starting hourly wage to $15 everywhere in the US, effective next week, the starting wage will go to $16," Jelinek said at a Senate hearing on minimum wage. Costco joins Signet Jewelers Ltd. /zigman2/quotes/204614427/composite SIG -0.03% , which also announced on Thursday that it will be raising its minimum wage to $15. Costco shares have gained 11.3% over the last year while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.36% is up 24.6% for the period. Additional reporting by Elisabeth Buchwald

/zigman2/quotes/201191698/composite
US : U.S.: Nasdaq
$ 370.72
+1.92 +0.52%
Volume: 2.25M
April 16, 2021 4:00p
P/E Ratio
37.91
Dividend Yield
0.85%
Market Cap
$163.21 billion
Rev. per Employee
$610,846
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/zigman2/quotes/204614427/composite
US : U.S.: NYSE
$ 63.46
-0.02 -0.03%
Volume: 606,351
April 16, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$3.32 billion
Rev. per Employee
$240,871
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/zigman2/quotes/210599714/realtime
US : S&P US
4,185.47
+15.05 +0.36%
Volume: 2.21B
April 16, 2021 5:15p
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