Costco raises minimum wage to $16 an hour

Costco announced that it is upping its minimum wage to $16 an hour beginning next week. "I want to note this isn't altruism," said CEO Craig Jelinek. "At Costco we know that paying employees good wages ... makes sense for our business and constitutes a significant competitive advantage for us. It helps us in the long run by minimizing turnover and maximizing employee productivity."