Why You Shouldn’t Get a Job and What to Do About It
Gamestop, Walmart, Costco, and other big box stores have a pretty bad reputation for taking advantage of low-income workers.
But according to a recent report from the Economic Policy Institute (EPI), those companies are actually actually doing quite well financially.
According to the report, the top three employers of low wage workers are Walmart, Walmart Supercenter, and Costco.
The EPI report also notes that Costco and Walmart have been among the biggest employers of the lowest wage workers in recent years.
Costco has been hiring more and more people with low pay in recent months, so this isn’t surprising.
Costco’s workforce has dropped from 629,000 people in 2017 to 565,000 in 2018.
Meanwhile, Walmart’s workforce dropped from 735,000 to 712,000 workers in 2018, according to the EPI.
The reason for this decline is that Costco is not the only big box retailer to be hiring less and less of its workforce over the past few years.
In 2017, Walmart fired nearly 5,000 of its workers over the course of a year, according the EPRI report.
While Costco’s and Walmart’s numbers might look similar, the EPEI report found that the two companies have been hiring much less of their workforce in recent decades.
Costco had the highest percentage of workers in its workforce of any company in the U.S. in 2018: 21.7%.
The company has also cut back on benefits, and is reportedly planning to raise wages in 2018 by $4 to $5 an hour, but its workers are still not getting the pay hikes that they would be getting at Walmart or Walmart Supercenters.
The lowest-wage workers at Costco are making $8.46 an hour.
And Walmart has a similar situation.
Its workforce has declined from 645,000 employees in 2017, to 558,000 this year, the most recent year for which data is available, according a Walmart spokesperson.
Walmart’s median wage is $11.15 an hour compared to Costco’s $11 an hour in 2017.
Costco is also the biggest employer of low wages in the states of New York, Connecticut, and Rhode Island, according with the EPPI report, which also notes the company is one of the biggest contributors to the state’s low-wage poverty levels.
According a study by the Economic Research Service, a Washington, D.C.-based think tank, Walmart paid a total of $7.5 billion in state and local income taxes in 2018 in New York State, $3.5 in Connecticut, $2.3 in Rhode Island and $1.9 in New Jersey.
Costco paid an average of $1,066 per worker in 2017 in New Mexico, $1 and $0 in New Hampshire, and $2 in Pennsylvania, the report notes.
Costco also paid an income tax of $5.6 billion in 2018 for its U.K. stores.
The company also paid taxes in Delaware and California.