05:59 AM EST, 01/31/2025 (MT Newswires) -- Costco Wholesale ( COST ) plans to increase pay for most of its hourly US store workers to more than $30, Reuters reported, citing a memo sent to employees this week.

The company will increase hourly pay by $1 to $30.20 in the first year and an additional $1 each in the subsequent two years, the news agency cited the memo as saying.

Costco did not immediately respond to a request for comment from MTNewswires early on Friday.

Meanwhile, Costco's unionized workers represented by Costco Teamsters overwhelmingly voted to authorize a nationwide strike, Costco Teamsters said earlier this month.

"The vote is a direct result of the company's continued failure to bargain constructively and refusal to present a fair contract offer that reflects the company's record-breaking profits," the union said.

The union, representing more than 18,000 Costco workers, said the master agreement will expire on Jan. 31 and that Costco executives "have less than two weeks to do the right thing."

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