Costco will raise its company-wide minimum wage to $16 per hour, a one-dollar increase that raises its wages higher than its fellow big-box retailers, the company’s CEO said during a congressional hearing Thursday.
Costco plans to raise its minimum wage from $15 to $16 because it is committed to paying workers “very competitive retail wages,” CEO Craig Jelinek said during a Senate Budget Committee hearing Thursday. Jelinek stopped short of advocating in favor of a federal minimum wage overhaul, instead saying he was solely focused on Costco.
McDonald’s will tie executives’ pay to diversity goals and aims to hit gender parity in management by the end of 2030 as the company tries to overhaul its workplace culture. Fifteen percent of the company’s annual bonuses will be used to reach these targets, McDonald’s said in the statement.
The world’s biggest restaurant chain on Thursday said the company aims to increase the number of women in leadership roles to 45 percent from 37 percent by 2025. It also wants to boost “historically underrepresented groups” in leadership positions to 35 percent from 29 percent over the same time frame, CNN reported.