#Roommates, we know you love Chipotle, but you need to start saving a few extra coins in order to pay for it, thanks to the company’s new higher prices. Chipotle recently confirmed that it is officially raising all menu prices by up to 4% to cover the cost of raising the wage of company employees to $15 an hour.
@CNN reports, Chipotle is taking the necessary steps to make good on its previous promise last month to raise the pay of company employees—however in order to do that, prices are about to go up considerably. According to Chipotle’s Chief Financial Officer John Hartung, the popular Tex-Mex fast food chain is raising its menu prices by an estimated 3.5% to 4% to accommodate higher employee wages. “You take about a 4% price increase to cover the dollar cost of the extra labor,” he said during a recent press conference.
Just last month, Chipotle announced its intent to universally raise employee pay to $15 an hour, while also revealing its plans to hire a staggering 20,000 new employees before the summer season officially begins in just a few weeks. Additionally, Chipotle is sweetening the terms of employment by also offering a $200 employee referral bonus. To show that growth within the company is a definite possibility, the company also stated that employees can be promoted to a general manager position within an average of three and a half years—a position that comes with an estimated $100,000 annual salary.
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This is a positive turn for Chipotle, as the company was in hot water back in April when it was hit with a lawsuit from New York City due to its widely questionable labor practices. The terms of the ongoing lawsuit allege that the company broke the law by neglecting to give its employees less hectic schedules.
In response to the NYC lawsuit, company Chief Corporate Affairs Officer Laurie Schalow said via statement, “We make it a practice to not comment on litigation and will not do so in this case.”
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