Hourly workers at Costco got a raise on Monday.

CEO Ron Vachris informed employees that all service assistants, service clerks and meat cutters in the U.S., Puerto Rico and Canada would receive a $1 hourly pay raise, per an internal memo seen by Business Insider.

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The increase brings the lowest wage for hourly workers to $19.50 an hour, something Vachris said was part of the company's “ongoing efforts to ensure our hourly wages remain very competitive in the industry.”

The new rates will take effect July 22 and will affect all hourly workers, regardless of where they land on the company's pay scale.

By the end of 2023, the average yearly income for a Costco employee it was $50,202. According to ZipRecruiterthe average hourly wage for a Costco employee in the US is currently $22.20 an hour.

The popular warehouse chain raised hourly wages by $0.50 in March, making it the second big increase in 2024.

“Since January, my time has been focused on working closely with teams around the world to ensure that we continue to provide the highest quality merchandise at our best value to our members,” Vachris said in praising the company's employees. during a call investors in May. “I am extremely proud of our employees and believe our consistency of results is a reflection of their commitment to our members and to each other.”

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Costco reported strong fiscal Q3 2024 earnings with net sales of $57.39 billion, an increase of 9.1% from the prior year period.

Warehouse chain it was upstairs 67% year over year as of Wednesday morning.