Costco is raising its minimum wage to $15 as the war for talent rages on

Paul Sakuma/AP Images

Costco is raising its minimum wage.

• Costco is raising its minimum wage from $14 and $14.50 up to $15 and $15.50.
• A spokesperson for Costco did not respond to Business Insider's request to confirm when the change would go into effect or how many jobs would be impacted. 
• Employees are celebrating the news on social media, however. 

Costco is raising its minimum wage. 

During its quarterly earnings call on Thursday, the retailer announced to investors that it would be raising its minimum wages from $14 and $14.50 up to $15 and $15.50.

Complimentary Tech Event

Transform talent with learning that works

Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

A spokesperson for Costco did not respond to Business Insider's request to confirm when the change would go into effect or how many jobs would be impacted. 

The announcement comes as the retail sector faces an increasingly tight labor market, where many retailers have resorted to offering better wages and perks in an effort to attract talent. Earlier this month, Target CEO Brian Cornell announced that the company plans to raise its starting wage to $15 an hour by 2020.

Amazon also announced it would be raising its minimum wage to $15 in October. This went into effect in November.

It has been less than a year since Costco last raised its minimum wage from $13 to $14. This change impacted around 130,000 employees.

Employees are celebrating the news of a pay boost online:

Costco's work environment

Costco was included in Glassdoor's best places to work list in 2017, and the company currently has a four out of five-star rating on the company review site.

In April, Business Insider spoke with several Costco employees to ask their opinions about working in the store.

The majority said that compensation was one of the most attractive parts of working there. Wages, benefits, and job security came up in responses from 21 employees, according to Business Insider's Áine Cain.

"The best part is all the perks - guaranteed hours, benefits, time and a half on Sundays, free turkeys at Thanksgiving, four free memberships, a livable wage," an employee with six years of experience told Business Insider.