SUMTER, S.C. – Effective with their May 22nd paychecks, employees of SAFE Federal Credit Union have been given a permanent $2-per-hour wage increase.
The change will involve approximately 340 employees. Employees who were maxed out at their pay grade range received an equivalent stipend, the credit union said.
The move to increase compensation is in keeping with recently announced wage increases at several major retailers, SAFE said, adding its decision pre-dated those COVID-19 related changes by several months. Plans were first announced at an organization-wide staff meeting in early February.
“It was the right thing to do,” said President and CEO Michael Baker. “For our employees who bring their best to our members, this increase means a lot. The credit for this decision really goes to our board of directors and our retiring CEO, Darrell Merkel.”
Baker said the $2-per-hour wage increase will make SAFE Federal Credit Union better able to attract and retain talented employees at all levels. It comes a month after the credit union’s annual merit increases.
‘Investing in People’
“This is an investment,” said Merkel. “We are investing in the people who help our members every day. Our employees and members deserve it and, from our perspective, that’s just as important as our recent investments in technology and facilities. It’s all about doing better.”
The $1.2-billion SAFE FCU has more than 126,000 members and is one of the largest financial institutions.