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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.


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