As controversy swirls around the notion of increasing theminimum wage to $15 – a topic that's bound to be a hot one duringthe presidential election – two credit unions are already ahead ofthe curve.
In October 2015, the $144 million St. Paul Federal Credit Unionin St. Paul, Minn., began paying $15 an hour minimum wage for itsnon-exempt employees. And in June 2016, the $2.1 billion Universityof Wisconsin Credit Union in Madison, Wis., announced plans toincrease its minimum hourly wage to $15 by September 2017.
What are your biggest concerns regardingraising the minimum wage? |CEOs at both credit unions said raising the minimum wage madegood business sense for several reasons. But others warned minimumhourly hikes will only force businesses to reduce the number ofemployees they hire to control or reduce labor costs.
Although St. Paul FCU serves 10,594 members and a majority ofthem belong to a labor union, that wasn't the reason thecooperative decided to increase the minimum hourly rate.
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