UW Credit Union Rolls Out New Employee Benefits
New Benefits: $15.75 Foundation Wage, Paid Caregiver Leave
MADISON, WI – October 7, 2019 – New employee benefits at UW Credit Union showcase the deepening need to appeal to a changing workforce and support a family culture at work.
A $15.75 Foundation Wage impacts the largest segment of credit union employees, 20 percent of the workforce, 130 in total. The $15.75 rate was determined by factoring in salaries for local living wage data, a review of peer and the credit union’s own salary grades, the consumer price index (CPI) and federal poverty levels.
UW Credit Union was an early mover in establishing a $15 per hour wage rate. First established in 2009, the Foundation Wage jumped from $12.60 in 2015 to $13.80 in 2016 to $15.00 in 2017. The credit union leads the local market on the living wage issue, including local municipalities, which tend to trail blaze wage initiatives.
The new Paid Caregiver Leave benefit, slowly gaining attention across the country but not yet widely adopted, is for employees to take care of a sick or elderly parent, or family member with a serious health condition, without having to take earned or vacation time. Few Madison employers offer a paid caregiver leave benefit that encompasses parental leave as well as family and elder care leave. More than 30 employees (5 percent of the workforce) have used the new caregiver benefit since its inception in July, 2019.
An Enhanced Child Parental Leave policy is paid time off for employees who become a parent through the birth, adoption, foster care or guardianship placement of a child. The benefit provides up to 80 hours every 12 months and is a step above the employee leave policy with the national Family Medical Leave Act.
“Our new policies will have a direct impact on our organization’s mission to improve people’s financial well-being and support the communities we live in,” says Paul Kundert, UW Credit Union CEO and president. “We consider what’s in the best interest of our employees, and enhancing employee benefits ensures we’re looking out for their best interests. I am confident it’s the right step for us. Not only because it fosters happier employees and by extension better member service, but because it’s simply the right thing to do.”
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 over 650 employees serve the financial needs of more than 270,000 members through world-class technology systems, and through a convenient network of 27 branch locations and over 100 ATMs. With assets exceeding $3 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.