Money Costco to increase its minimum wage to $16 per hour, but CEO says the average pay for hourly workers is $24 February 25, 2021February 26, 2021Kelly Tyko, USA TODAYComments Off on Costco to increase its minimum wage to $16 per hour, but CEO says the average pay for hourly workers is $24 Costco is raising its minimum wage to $16 an hour, leapfrogging competitors including Target and Amazon. The pay hike goes into effect next week.