US-based financial services organisation UW Credit Union is to increase the minimum pay rate for staff to $15 an hour (£10.60).
The increase in its minimum pay rate, known as the Foundation Wage, is expected to impact around 25% of the organisation’s 500-strong workforce.
The increase will be implemented in stages, with a rise from the current $12.60 an hour to $13.80 an hour taking effect in September 2016, and the rise to $15 an hour coming into force in September 2017.
The statutory minimum wage in Wisconsin, where the organisation is based, is $7.25 an hour.
Lee Wiersma, executive vice president and chief human resources officer, said: “The management philosophy of the UW Credit Union executive management team is: Do the right thing. Raising our Foundation Wage to $15.00 an hour illustrates this.”
Paul Kundert, president and chief executive officer, added: “UW Credit Union’s core values focus around people. This focused pay rate aligns with our values and continues our commitment to pay above the current market for certain roles.
“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. It also allows employees to increase their savings and further provide for their families.”