UW Credit Union Raises Foundation Wage to $15
Madison, WI – August 23, 2017 – UW Credit Union will increase its foundation wage to $15 an hour effective August 27, 2017. This change affects about 25% of the company’s more than 500 employee workforce.
UW Credit Union first established a foundation wage in 2009 to provide all employees with a sustainable income, even when prevailing market conditions would provide less. In June 2016 the company announced plans to increase the foundation wage to $15 in a phased approach. The initial phase in 2016 increased the wage from $12.60 to $13.80.
The increase to $15 an hour – which is more than double the $7.25 Wisconsin minimum wage – aligns with the credit union’s core values.
“At UW Credit Union we are dedicated to doing the right thing, and that starts with our employees,” said Paul Kundert, President and CEO. “This policy demonstrates our ongoing commitment to ensuring our employees are able to earn a competitive, livable wage.”
When first introduced, the foundation wage made it possible for full-time employees to earn sustainable income without an additional job, and also created opportunities for part-time employees to work schedules that best aligned with school, family, or other obligations.
“Providing the outstanding service our members deserve requires us to hire and retain highly-qualified employees,” said Lee Wiersma, Executive Vice President and Chief Human Resources Officer. “A good, competitive wage allows us to attract the right employees and helps us create an engaged and committed workforce.”
UW Credit Union has been recognized as one of the best places to work in both Madison and Milwaukee in recent years.
About UW Credit Union
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 515 employees serve the financial needs of more than 229,000 members through world-class technology systems, and through a convenient network of 24 branch locations and over 100 ATMs. With assets totaling $2.5 billion, UW Credit Union is ranked nationally among the leading credit unions. Founded more than 85 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, Whitewater and La Crosse areas.