(WJW) — Chipotle fans will soon need to pay slightly 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%.
That’s about 30 cents more for their steak burrito, which is currently $7.50.
CEO Brian R. Nicco, who made $38 million in 2020 (mostly from bonuses related to pandemic modifications), 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.”
Nicco’s 2020 compensation was nearly 2,900 times more than the average Chipotle worker’s salary.
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.