Chipotle Mexican Grill is raising menu prices by as much as 4 percent to offset the cost of the increase in staff wages it established last month. Fast Casual Restaurant Chain Says
in May The company announced it was offering wage increases across the board. This resulted in an average hourly wage of $15 an hour by the end of June. as part of the ongoing employment drive
Click here to read more about FOX Business.
|CMG||CHIPOTLE MEXICAN GRILL INC.||1334.35||-1.26||-0.09%|
Brian Niccol, CEO of Chipotle, said at the Baird Global Consumer, Technology & Services Conference, “In this scenario it makes sense to invest in our employees and recruit these restaurants. and making sure we have a pipeline to support our growth.” We have set prices to cover some of the investment.”
The default wages for new and existing hourly and hourly restaurant employees range from $11 to $18 per hour. The previous average employee wage was $13.
Wages increased before the company’s “high season” to accommodate the expected rush The company wants to employ 20,000 people in about 200 restaurants across the country. which is a sign of relief for a sluggish economy.
Indeed, Chipotle isn’t the only big brand raising wages and starting major jobs as the world moves closer to pre-pandemic times.
COSTCO, WALMART LEAD JOB pay hike, benefits to lure employees
Companies ranging from Target, Costco, McDonald’s to theme parks like Dinsey World have taken similar steps to reduce employee wages.
In fact, Costco and Walmart are leading the charge. by providing the highest compensation and benefits
While Costco raised the minimum wage to $16 an hour to increase employee retention, Walmart increased the minimum wage for 425,000 employees, raising the average wage to $15 an hour.
FOX Business’s Hayley Rieman contributed to this report.