Costco to raise its minimum wage to $16, joining others in boosting pay during pandemic

Costco plans to raise its minimum wage from $15 to $16 next week, the company’s chief executive told Congress on Thursday, becoming the latest major retailer to boost hourly pay as the pandemic wears on and big-box stores post booming profits.

The move by the nation’s second-largest brick-and-mortar retailer comes as the U.S. economy showed signs of improving, with new unemployment claims decreasing by 111,000 last week. That marks the biggest drop in new claims since August, when the summer surge in coronavirus infections began to abate.