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Costco CFO: $0.50 Hourly Wage Increase Will Pose Expense 'Headwind'

Costco CFO: $0.50 Hourly Wage Increase Will Pose Expense 'Headwind'

Costco Wholesale's new employee agreement raises the minimum hourly wage by $0.50 to $20. CFO Gary Millerchip said this will pose a 'headwind' to SG&A expenses, but the company remains committed to investing in employees and seeking efficiency gains. CEO Ron Vachris revealed that the top-tier hourly wage for U.S. service clerks has risen to $31.90, and the average hourly wage for U.S. and Canadian employees is slightly above $31.

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