Two credit unions will hike their minimum wages next month as jobless rates remain low.
Hiway Federal Credit Union in St. Paul, Minn., and Allegacy Federal Credit Union of Winston-Salem, N.C., both said on Tuesday that they will increase their minimum wage for employees starting at the beginning of 2019.
The moves come as the national unemployment rate, which stood at 3.7 percent in October, is at its lowest level in decades, and some employers are increasing pay to attract workers. Several other credit unions, including
Minnesota had an unemployment rate of 2.8 percent in October while North Carolina had a jobless rate of 3.6 percent, according to the
The $1.1 billion-asset Hiway is increasing its pay from $13.50 to $15 per hour. In comparison, the
Hiway also said that starting next year, its workers will receive up to 12 weeks of paid medical and parental leave.
“Hiway exists to make a positive impact in the lives we touch, and that includes our associates, at all levels,” Dave Boden, Hiway’s president and CEO, said in a statement. “We’re pleased to be able to make these changes, better positioning us to attract top talent and to continue to offer the best service and value to our members.”
The $1.4 billion-asset Allegacy is raising its minimum wage to $15.25 per hour. Currently, its entry level member service representatives with up to two years of experience earn $12.97 per hour. With the pay boost, their annual pay will increase by $4,446, to about $29,738.
The state of North Carolina currently mandates a
“We know the job market is better than it has been in years, and we believe attracting and retaining top talent is the number one key to our overall success,” Cathy Pace, Allegacy’s president and CEO, said in a statement.
