MADISON, Wis.–UW Credit Union said it will increase its minimum hourly wage to $15 by September of 2017.
The credit union plans to boost its current minimum wage from $12.60 to $13.80 in September of this year, followed by the additional increase one year later.
Paul Kundert, president and CEO of UW Credit Union, told the Journal Sentinel the credit union receives high satisfaction ratings and believes taking care of its employees will help maintain those ratings.
"I wanted to make sure, as the CEO here, that this is good business thinking. We're very committed to increasing members' satisfaction even beyond the high numbers we're at, and the people who our members interact with has everything to do with those satisfaction ratings,” Kundert was quoted as saying.
The higher minimum wage is expected to affect about 25% of the $2.1-billion UW Credit Union's 505-person workforce. Kundert told the Journal Sentinel the move is projected to add just 0.6% to UW Credit Union's operating budget.