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UW Credit Union says it will raise its minimum wage to $15 an hour by September 2017, in a two-step increase to begin this fall.

About one-fourth of the credit union’s workforce of 500 — or about 125 employees — will be affected.

The credit union already pays its lowest-paid employees $12.60 an hour, compared with the Wisconsin minimum wage of $7.25. The rate was set in 2009 as a Foundation Wage, intended to provide all employees a living wage.

The Foundation wage will rise to $13.80 an hour in September 2016 and to $15 an hour by September 2017.

UW Credit Union also said it will assess its workforce to see if more part-time employees can be moved into full-time positions.

“The management philosophy of the UW Credit Union executive management team is: Do the right thing,” said Lee Wiersma, executive vice president and chief human resources officer. “Raising our Foundation Wage to $15 an hour illustrates this.”

Founded in 1931 at the University of Wisconsin, Madison-based UW Credit Union is one of the largest credit unions in the state, with assets of $2.2 billion, 23 branches and 213,000 members.

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