(WJW) — Chipotle fans will soon need to pay more to get their beloved burrito fix, the fast-food chain announced Tuesday.
Following a pay increase announcement last month, touting an average of $15 per hour for employees by the end of June, the company now plans to raise menu prices across the board by 3.5% to 4%.
CEO Brian R. Nicco told the Baird Global Consumer, Technology & Services Conference, “…it made sense in this scenario to invest in our employees and get these restaurants staffed and make sure that we have the pipeline of people to support our growth.”
In contrast, Nicco made $38 million in 2020, with $1.24 million in base pay, according to a report in Nation’s Restaurant News.
Restaurants across the country have struggled to find workers as pandemic health measures have lifted. And Chipotle is far from the only business touting higher wages in order to entice workers.
The company also said it plans to hire 20,000 new employees.