MADISON, Wis.–UW Credit Union is increasing its foundation wage to $15 per hour, a move that will boost the pay for about 125 of the company's 500 employees.
The decision to increase UWCU’s foundation wages was first announced in June 2016 and over the past year, the credit union has phased in the pay increase. On Aug. 27, the new floor wage of $15 per hour is expected to officially go into effect
In a released statement, President and CEO Paul Kunder said the policy demonstrates the credit union's "ongoing commitment to ensuring our employees are able to earn a competitive, livable wage.”
UWCU first instituted a foundation wage in 2009.
“Providing the outstanding service our members deserve requires us to hire and retain highly qualified employees,” said Chief Human Resources Officer Lee Wiersma in a statement. “A good, competitive wage allows us to attract the right employees and helps us create an engaged and committed workforce.”
Wisconsin's minimum wage presently sits at $7.25 — the same as the federal wage.