WYANDOTTE, Mich.–Saying it recognizes the need to increase employee pay as the economy continues to re-open, Michigan Legacy Credit Union said it has increased the minimum wage for employees to $16 an hour from $13 an hour, a 23% increase. The rate increases to $18 an hour after one year of employment, MLCU reported.
The updated rate applies to both current staff and new.
Michigan Legacy, which operates branches in the Michigan markets of Flat Rock, Garden City, Highland, Pontiac, Warren and Wyandotte, said it took three factors into consideration in making the decision: the need for attracting quality candidates in a competitive job market; the ability to lower attrition of current staff, and the importance of providing a livable wage to employees.
“Hiring and retaining highly-qualified personnel is critical for our credit union to remain competitive with other financial institutions and provide leading financial services to our member owners; but this decision was more than that,” said CEO Carma Peters. “We believe all staff should make a livable wage. This was our opportunity to recognize and support our employees and help them create greater stability in meeting their financial obligations.”
The $277-million Michigan Legacy CU has approximately 23,000 members.