Fifth Third Raising its Minimum Wage

(Cincinnati,OH)- Fifth Third Bank is raising its minimum wage from $15 per hour to $18 per hour for roughly around 4,900 employees beginning on October 28th.

“We’re pleased to invest in the people who, every day, deliver banking that is a Fifth Third better,” said Chairman, President and CEO Greg D. Carmichael.

Fifth Third has raised its hourly minimum rates by 50% over the last two years.In January 2018, the Bank raised its minimum hourly rate from $12 to $15. That increase added to a 16% year-over-year reduction in employee turnover in 2018 in those jobs most affected by the minimum wage.

Raising the minimum wage will result in an overall of an additional $500 a month.“This wage increase will make a meaningful difference in the lives of our employees,” said Chief Human Resources Officer Bob Shaffer.

Fifth Third has been serving those within the community for 161 years.