X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

As controversy swirls around the notion of increasing the minimum wage to $15 – a topic that’s bound to be a hot one during the presidential election – two credit unions are already ahead of the curve.

In October 2015, the $144 million St. Paul Federal Credit Union in St. Paul, Minn., began paying $15 an hour minimum wage for its non-exempt employees. And in June 2016, the $2.1 billion University of Wisconsin Credit Union in Madison, Wis., announced plans to increase its minimum hourly wage to $15 by September 2017.

What are your biggest concerns regarding raising the minimum wage?
Retention challenges Unsustainable operating expense increases It could adversely affect employee morale Other Please Specify:

My IQ Test

 

CEOs at both credit unions said raising the minimum wage made good business sense for several reasons. But others warned minimum hourly hikes will only force businesses to reduce the number of employees they hire to control or reduce labor costs.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Peter Strozniak

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.