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Costco to hike its minimum wage to $16 an hour

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Costco to hike its minimum wage to $16 an hour

Costco is boosting its minimum hourly wage to $16 starting next week, the warehouse retailer’s chief executive said during congressional testimony on Thursday.

The $1-an-hour wage increase exceeds the pay that competitors Target, Walmart and other big-box retailers offer their employees and comes amid a national discussion about raising the federal minimum wage to $15 an hour.

Earlier this month, Walmart said it would raise the average pay for 425,000 of its employees to $15 an hour, while still maintaining its starting wage of $11.

“This isn’t altruism,” Costco’s CEO, Craig Jelinek, told the US Senate Budget Committee on Thursday. “In the long run, by minimizing turnover, maximizing employee productivity, commitment and loyalty, we encourage our employees to view Costco as providing a career rather than just a job.”

Jelinik said half of Costco’s 180,000 employees in the US are paid at the top of the company’s hourly pay scale in excess of $25 an hour and most of these employees, he added, receive regular twice yearly bonuses of up to $4,000 a pop. 

The average hourly wage for employees including these bonuses comes to about $24 an hour, he said.

The Biden administration has proposed raising the federal minimum wage to $15 an hour from $7.25 an hour.

During the pandemic Costco had added an extra $2 an hour in so called hazard pay to frontline workers’ checks, but that will end this year as the company adds a permanent pay increase, Jelinik said.

The members-only discount retailer based in Issaquah, Wash. claims that its pay and benefits have resulted in lower turnover as more than 60 percent of its employees have been with the company for at least five years and more than a third have been there for more than a decade. 

“We feel the experience level and loyalty of our employees is a significant advantage for our company,” Jelinik said.

Costco’s move, industry experts said, is likely to put pressure on other large retailers to revamp their pay.

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Disneyland fans forced to wait hours to buy a ticket online

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Disneyland fans forced to wait hours to buy a ticket online

Disneyland fans who have been waiting over a year for the popular theme park to reopen are being forced to wait hours to snag a ticket online as demand heats up.

The Anaheim, Calif.-based park started selling tickets again on Thursday ahead of its planned April 30 reopening. But within a few hours of the ticket window reopening, the website was overwhelmed — creating a backlog that continued into Friday, according to social media posts.

“Remember when we were Annual Passholders and we didn’t have to deal with this queue bulls–t,” tweeted one fan.

The company on Friday acknowledged that guests may have to wait “several hours of more” for a ticket.

“We are experiencing high demand given the historic nature of the Disneyland Resort’s reopening,” a spokesman from Disneyland told The Post. “To deliver a strong guest experience, we are deliberately pulsing guests through the system. Wait times may be several hours or more depending on when you joined the queue.”

On Friday morning around 9 a.m. ET, the queue’s wait time was only around 20 minutes before ballooning to more than an hour just two hours later.

“We still have plenty of reservation availability, and we plan to keep the system open to accommodate the demand,” the spokesman added. “Please don’t refresh and we will get you through the queue as soon as we can. We know you are just as excited to return to the Disneyland Resort as we are to welcome you back, and we thank you for your patience as we work to accommodate as many guests as possible.”

While some Mickey fans were able to book tickets, others griped on Twitter that Disneyland’s site timed out or they landed on a webpage with the Seven Dwarfs that read: “We’re Working on It. This page is temporarily unavailable. Rest assured, we’ll fix the issue soon, so please try again later.”

Frustrated fans took to Twitter to air their grievances Thursday and Friday.

“For those of us trying to get #Disneyland tickets this morning,” read a tweet that included an encouraging “Star Wars” gif that read “May the Force be with us.”

Another weary customer tweeted: “I have a feeling this image will haunt me for the rest of my life… #Disneyland.” The tweet a cartoon image of the park’s ride “Big Thunder Mountain Railroad” that was accompanied by the Mouse House’s boilerplate message to “Please Sit Tight” wait on line.

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Dogecoin jumps again to double record rally price

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Dogecoin jumps again to double record rally price

Dogecoin has doubled from its Wednesday morning rally to reach prices of more than $0.30 Thursday night.

The dog meme-inspired cryptocurrency — that began as a joke — is up 400 percent over the past week, according to Coindesk.

The surge came a day after Wednesday’s stock market debut for the cryptocurrency exchange Coinbase, which was considered a sign of Wall Street’s acceptance of crypto. However, Dogecoin is not listed on Coinbase.

Doge was the No. 1 trending topic on Twitter Thursday night, and at least one user told The Post they were unable to purchase the currency on Robinhood, due to the app crashing as its value skyrocketed.

“Doge Barking at the Moon,” tweeted SpaceX’s Elon Musk, who once said Dogecoin is his favorite Bitcoin rival.

“Me on Robinhood checking if #dogecoin has reached the moon every 2 seconds,” another user tweeted.

“There is fixing to be a lot of Meme Millionaires,” one user posted.

Dallas Mavericks owner Marc Cuban began accepting Dogecoin for payment for NBA tickets and merchandise last month.

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Robinhood sues Massachusetts over regulatory clampdown

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Robinhood sues Massachusetts over regulatory clampdown

 Online brokerage Robinhood on Thursday sued to invalidate Massachusetts’ recently-adopted fiduciary rule and block state regulators from proceeding with charges it encourages inexperienced investors to place risky trades without limits.

Robinhood in a lawsuit filed in state court in Boston said the fiduciary standard of conduct for broker-dealers that Massachusetts Secretary of State Bill Galvin’s office adopted last year violates state and federal law.

A spokeswoman for Galvin did not respond to a request for comment.

Galvin, the state’s top securities regulator, in December filed an administrative case accusing Robinhood of using aggressive tactics to attract inexperienced investors and failing to prevent outages on its platform.

He accused the app-based service of using strategies that treated trading like a game to lure young, inexperienced customers, including having confetti rain down for each trade made on its app.

The case is the first enforcement action brought under a state fiduciary rule adopted in September that raised the investment-advice standard for brokers.

Regulators are seeking a fine and order requiring Robinhood to engage a compliance consultant to review its platform and policies. Robinhood has denied wrongdoing.

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