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Costco CEO wants minimum wage hike to $10-plus


At least one CEO at a big retail company wants to see the minimum wage increased. In fact, he’d like the minimum wage to go even higher than President Obama has proposed.

Costco CEO Craig Jelinek said on Tuesday that he supports increasing the minimum wage to $10.10 an hour and indexing it to inflation. The plan proposed by President Obama in his 2013 State of the Union would also index the minimum wage, but initially raise it to $9 an hour.

In late November, researchers at Demos argued that raising the retail industry’s wage floor to $25,000 a year would “impact more than 5 million retail workers,” and “lift 734,000 people out of poverty” while raising the cost of retail goods by only a few cents.