CINCINNATI – Fifth Third Bancorp announced plans today to raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees. The actions are in appreciation for the commitment employees show in supporting customers and building stronger communities.
Approximately 75 percent of employees will receive a pay increase or bonus.
“We want to invest in our most important asset – our people,” said Fifth Third President and CEO Greg Carmichael. “Our employees drive our reputation, our business and our success.”
Newly passed tax legislation includes a reduction in corporate tax rates designed to spur economic growth. Carmichael said the tax cut allowed the bank the opportunity to re-evaluate its compensation structure and share some of those benefits with its talented and dedicated workforce.
Carmichael said the higher wage is an important step to help support individuals, their families and the communities in which we operate. Fifth Third has a history of investing in its 18,000 employees.
Once the legislation is signed into law, nearly 3,000 hourly employees will see their pay increase to $15 an hour. The one-time $1,000 bonus is expected to be distributed by the end of the year, assuming the president signs the bill before Christmas. Senior managers and executive leadership are excluded from this compensation.
“It is good for our communities, employees and Fifth Third Bank” Carmichael said.