Costco Wholesale Corp. (COST) 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. (SIG), 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 is up 24.6% for the period. Additional reporting by Elisabeth Buchwald ( )
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(END) Dow Jones Newswires
February 25, 2021 11:24 ET (16:24 GMT)
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