Costco Raising Minimum Wage to $14 an Hour


Retail giant Costco said Thursday that it would raise its starting minimum wage to $14 an hour, a $1 increase for entry level positions.

MarketWatch reported that the company will also raise wages for other hourly workers by up to 50 cents.

The changes will take effect on June 11 and are expected to affect 130,000 employees.

Costco finance chief Richard Galanti said that the change is expected to cost between $110 million and $120 million annually, but that due to the new GOP tax law, the company expects a 7 percent drop in its tax rate, according to MarketWatch.

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