Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
New minimum wage wont affect most CUs says CUNA
MADISON, Wis. (7/23/09)--On Friday, the nation's federal minimum wage will increase to $7.25 per hour. However, the wage hike is not likely to have much effect for most credit unions. "The new minimum wage will have little effect on credit union wage costs," said Steve Rick, senior economist for the Credit Union National Association. "Most, if not all, credit unions currently pay more than the new federal minimum wage to their entry-level employees," Rick told News Now. "So the new law will not be a binding constraint on hourly wages." The increase is required by the Fair Minimum Wage Act of 2007, an amendment of the Fair Labor Standards Act. The wage applies to all non-exempt employees in 30 states. The other 20 states have minimum wages that are higher than the federal limit. The increase is the last of a three-step gradual increase mandated by the 2007 act.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
3 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
5 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
5 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
5 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
7 hours ago