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- Costco is unconcerned about losing potential employees to Amazon despite the e-commerce giant’s higher minimum wage.
- CFO Richard Galanti said that Costco’s average pay still “dwarfs any other retail or retail-type entity out there” in a call with investors on Thursday.
- According to Galanti, Costco workers make an average of roughly $ 22.50 per hour, with employees who have been at the retailer for years making into the mid-$ 40 to $ 50 range.
- On Tuesday, Amazon announced plans to raise minimum wage to $ 15 per hour, following Costco raising its minimum wage to $ 14 earlier this year.
Costco’s executives are confident the retailer is still on top when it comes to workers’ pay and benefits — even after Amazon’s much publicized wage increases.
“Our average US hourly wage is in the mid-22s, $ 22.50 roughly, which we believe dwarfs any other retail or retail-type entity out there on a big scale,” Costco’s CFO Richard Galanti said on a call with investors on Thursday. See the rest of the story at Business Insider
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See Also:
- An economist explains how Amazon could use its lobbying for a $ 15 minimum wage as a ‘weapon’ against other retailers
- 24 brands you probably didn’t realize were owned by Amazon
- Amazon got rid of bonuses as it raised wages, and that might be better for employees
SEE ALSO: Amazon just intensified the war against Walmart
