Fifth Third to raise minimum wage to $18
CINCINNATI -- Fifth Third Bancorp said Tuesday it will raise its minimum wage to $18 per hour its approximately 4,900 employees beginning Oct. 28.
For full-time employees currently making $15 an hour, bank officials said the increase will amount to roughly $500 more per month on a pretax basis. The new 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, whose earnings are typically above minimum wage.
Fifth Third has about 190 branch locations in Chicago and the suburbs.
Officials said the wage increase will added an additional $15 million to the bank's operations.
"A competitive compensation and benefits package is essential to our ability to attract and retain the industry's best and brightest," said Fifth Third Chairman, President and CEO Greg D. Carmichael. "It is that talent that differentiates Fifth Third and enables us to serve our customers with distinction."
It's the second time Fifth Third has raised its minimum wage since 2018, when it was increased from $12 to $15. Officials said the increase contributed to a 16% year-over-year reduction in employee turnover in 2018 in those jobs most affected by the minimum wage.