Costco says its new wage hike offers hundreds of thousands of workers pay and benefits that "far outpace others in the retail industry."

Wholesale retailer Costco told its employees that it would increase pay for most of its hourly store workers to more than $30.

Retailer Costco Wholesale will increase pay for most of its hourly U.S. store workers to more than $30, according to a memo sent to employees this week.

The union representing Costco Wholesale Corp. workers reached a new tentative agreement with the retailer, avoiding for now a strike by thousands of employees.

The Teamsters Union said a strike at 56 Costco membership club stores across six states was averted, one day after the wholesale club announced pay for non-union workers will rise to between $20 and $

Costco and the Teamsters union have reached a tentative agreement on a new contract, avoiding a strike, the union said Saturday.