Costco (COST) celebrated its strong second-quarter results by announcing that it is raising the wage it pays workers for a second time in less than 12 months; the new minimum is $15 an hour. 

The company announced it was raising its minimum wage to $14 from $13 an hour, in June. 

Progressive political pressure has placed the acceptable minimum wage target at $15 an hour and fellow grocers have taken heed in recent months. 

Last year, Amazon (AMZN - Get Report) raised its minimum U.S. wage to $15 an hour. Target (TGT - Get Report) , which currently pays workers a minimum of $12 an hour, has pledged to raise its lowest wage to $15 an hour. Walmart (WMT - Get Report) , the country's largest private employer, raised its minimum wage to $11 per hour last year. 

The median worker at Costco was paid $38,810 in 2018. That is well ahead of the $19,177 the average Walmart employee was paid and the $28,446 the average Amazon worker was paid, according to the Wall Street Journal.

(RealMoney has a deeper dive into Costco's pay structure compared to competitors)

Costco reported second-quarter earnings of $2.01 per share, a 27% year over year increase that easily topped analysts' $1.69 per share expectations. While revenue rose 7.3% to $35.4 billion, Wall Street was looking for revenue of $35.65 billion.

Federal employees are currently paid $7.25 per hour, where it has been since July 2009, while federal subcontractors are paid a minimum of $10.20 an hour, according to Paywizard. 

However, a bill to raise the federal minimum wage to $15 an hour cleared a legislative hurdle on Thursday and is now headed to the floor for a vote by the Democrat controlled legislative body in the coming weeks. 

Amazon is a key holding in Jim Cramer's Action Alerts PLUS charitable trust

A Special Invitation: Do you want to learn more about planning for and living retirement from the nation's top experts, including Ed Slott and Robert Powell, the editor of TheStreet's Retirement Daily? Want to learn how to create tax-efficient income in retirement and how to manage and mitigate all the risks you'll face in retirement? Then sign up to attend TheStreet's Retirement Strategies Symposium on April 6 in New York City. For a limited time, you can attend this extraordinary symposium for $149 - a cost savings of $50 off the general admission price of $199.

You can see the full day's agenda, learn about the guest speakers and sign up HERE for this special event.