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.

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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.

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Peter Strozniak


Credit Union Times

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