Puget Sound Business Journal (WA), March 5, 2013
Costco Wholesale Corp. President and CEO Craig Jelinek is putting his name and company in the forefront of the latest drive to increase the federal minimum wage.
Jelinek was prominently quoted in a press release issued Tuesday by the national advocacy group Business for a Fair Minimum Wage.
The announcement coincided with the introduction of a bill in Congress that would gradually increase the federal minimum wage to $10.10 an hour from $7.25 an hour, with provisions for annual cost-of-living increases. ...
Costco has long advocated employee pay and benefits that exceed industry standards on the argument that better compensation lowers turnover and increases productivity.
In his statement, Jelinek said Costco’s starting pay is $11.50 an hour in the United States.
“Instead of minimizing wages, we know it’s a lot more profitable in the long term to minimize employee turnover and maximize employee productivity, commitment and loyalty,” Jelinek’s statement said. ...
Washington state’s minimum wage, already the highest in the country, went up 15 cents in January to $9.19 per hour because of a yearly adjustment.
Copyright 2013 American City Business Journals