Fifth Third Bancorp saw Bank of America’s recent minimum wage increase to $17 and raised them $1.
Starting in October, almost 5,000 Fifth Third Bancorp employees will see a nice boost in their paychecks. After raising its minimum hourly rate from $12 to $15 in January 2018, the bank will once again increase its rate, this time to $18 per hour, the company announced Tuesday.
“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 Carmichael. “A competitive compensation and benefits package is essential to our ability to attract and retain the industry’s best and brightest. It is that talent that differentiates Fifth Third and enables us to serve our customers with distinction.”
According to Fifth Third, this increase means that the company has raised minimum hourly wage by 50% over the past two years. The bump to $18 per hour will primarily affect employees in retail branches and operations support functions such as customer contact centers, the bank said. Fifth Third estimates the new wage level will add up to $500 (pre-tax) more per month for employees currently making $15 per hour.
“This wage increase will make a meaningful difference in the lives of our employees,” said Chief Human Resources Officer Bob Shaffer. “It could ease a car payment, facilitate a student loan payment or signal the start of a savings plan for the future.”
