RALEIGH, N.C. – Coastal Credit Union has become the latest to increase its minimum wage for all employees to $15 per hour.
The credit union said it wanted to both recognize its workers as well as competition in the market in making the move.
The $15-per-hour wage is an increase from the $12.50 hourly wage the credit union implemented in late 2016. The new $15 hourly wage was made effective in the March 14 payroll and affects 50 employees, or 10% of Coastal’s workforce, the credit union said.
“Our employees are a critical component to our success and taking care of them is the first step in corporate responsibility,” said Coastal President and CEO, Chuck Purvis in a statement. “Back when we first implemented an internal minimum wage, our primary goal was to ensure we’re doing our part to help anyone working here to avoid poverty.”
Purvis added, “Today, we’re taking that a step further. We find ourselves in a highly competitive jobs environment and need to set ourselves apart in order to continue to attract and retain talent at all levels of the organization. We offer a very generous compensation and benefits package, but the we know that the biggest difference we can make for an employee, particularly at the entry level, is in their wages.”
Coastal CU has more than 500 employees.
Several other credit unions have also announced increases to a $15-an-hour minimum wage, including UW Credit Union in Madison, Wis. (which did so in 2016) and Hawaii USA FCU, which did so recently.