MERRITT ISLAND, Fla.–Two more credit unions have announced they will increase their minimum wage.
Launch Federal Credit Union here said it is moving its minimum wage for entry level employees to $12.00 per hour, effective Jan. 1, 2017. The credit union said it compares favorably to a state minimum wage of $8.10 per hour.
“We realize that to bring the best talent to work with us and our members, we need to prove their value with a higher pay than what they can earn elsewhere,” said Launch FCU President Joe Mirachi in a statement. “By increasing the minimum pay at the teller level, we believe this will strengthen our ability to recruit new talent, and develop a strong pipeline of well-trained individuals who will be excited to advance their careers within Launch FCU.”
Launch FCU said that most of its executive management began their financial careers as tellers, including CFO Kevin LeBeau, COO Lorrie Candiotti and CLO Margie Mitchell.
Launch FCU further said it plans to increase the minimum pay every year.
Meanwhile, Notre Dame Federal Credit Union in Indiana announced this month that effective February 2017, no employee working will earn less than $13.50/hr. The credit union also announced it is eliminating its two-tier system for Paid Time Off (PTO) for exempt and non-exempt partners. As a result, hourly workers will accrue the same PTO benefits as salaried/management employees, the credit union said.
"This change represents a significant compensation improvement for our partners," said President and CEO Thomas J. Gryp. "Our staff is comprised of 'the best of the best' in our community and they deliver incredible service to our members. This wage and PTO adjustment simply acknowledges how invaluable our partners are to our members and to the overall success of our credit union."