By WLWT Digital Staff
Oct 29, 2019
Fifth Third Bancorp has officially raised its minimum wage to $18.
The Cincinnati-headquartered bank announced in August it will increase its minimum wage for approximately 4,900 employees.
That minimum wage hike went into effect Monday.
With this increase, Fifth Third will have raised its minimum hourly wage by 50% over the past two years. In January 2018, the bank raised its minimum hourly rate from $12 to $15.
That increase contributed to a 16% year-over-year reduction in employee turnover in 2018 in those jobs most affected by the minimum wage, company officials said.
The new $18 minimum hourly wage will primarily benefit employees in retail branches and operations support functions such as customer contact centers. The increase will not apply to employees who work on a commissioned basis.