Madison, WI June 9, 2016 By September 2017, UW Credit Union will raise its minimum wage to $15 an hour more than double the $7.25 Wisconsin minimum wage. This policy will affect about 25% of the company's more than 500 employee workforce. In addition to raising its minimum wage, the credit union will be reviewing its workforce to assess how it may move more part-time employment into full-time.
UW Credit Union established a Foundation Wage in 2009 to provide all employees a good living wage, even when prevailing market conditions would provide less. The Foundation Wage has made it possible for full-time employees to earn a sustainable income without adding an additional job. It was also created for part-time employees, providing them with a quality job that allows better balance in student activities and/or other family obligations.
"The management philosophy of the UW Credit Union Executive Management Team is: Do the right thing," said Lee Wiersma, Executive Vice President and Chief Human Resources Officer. "Raising our Foundation Wage to $15.00 an hour illustrates this."
UW Credit Union's current Foundation Wage is $12.60 an hour. The wage will increase in September 2016 to $13.80 an hour and $15.00 an hour by September 2017.
"UW Credit Union's core values focus around people," said Paul Kundert, President and CEO. "This focused pay rate aligns with our values and continues our commitment to pay above the current market for certain roles."
UW Credit Union was recently highly ranked in Consumer Reports' rating of banks and credit unions. UW Credit Union was ranked first in consumer satisfaction among all Wisconsin institutions evaluated and was listed as one of the best in the nation.
"Raising our Foundation Wage to $15, as well as reviewing our part-time workforce allows the credit union to continue to provide members with outstanding service and both attract and maintain highly engaged talent," said Kundert. "It also allows employees to increase their savings and further provide for their families."
About Us UW Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to University of Wisconsin communities. UW Credit Union's 501 employees serve the financial needs of more than 213,000 members through world-class technology systems, and through a convenient network of 23 branch locations and over 100 ATMs. With assets totaling $2.2 billion, UW Credit Union is ranked nationally among the leading credit unions. Founded more than 80 years ago by members of the University of Wisconsin community, UW Credit Union continues to operate as a not-for-profit, member-owned financial cooperative with locations in the Madison, Milwaukee, Stevens Point, Green Bay, Oshkosh and Whitewater areas. Visit UW Credit Union at uwcu.org to learn more.
