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Cincinnati’s Fifth Third will be raising its minimum hourly wage once again.The company announced on Monday that it will raise its minimum wage to $20 per hour beginning July 4.At the same time, the bank will provide a wage adjustment for its first four job levels that are above Fifth Third’s new minimum $20 wage. According to Fifth Third, this means more than 40% of the bank’s workforce will receive a midyear compensation increase.Tim Spence, president of Fifth Third Bancorp and the recently announced CEO said he believes the wage increase was “simply the right thing to do” and will make a difference in the lives of Fifth Third team members.In 2018, Fifth Third raised its minimum hourly wage from $12 to $15. Then, in 2019, the bank increased its minimum hourly wage from $15 to $18 per hour.”We are incredibly proud to be among the top quartile of our peers for employee retention according to leading research, and we believe our competitive compensation and benefits are essential to our ability to continue to attract and retain the best and brightest talent to serve and support our valued customers,” Spence said.
Cincinnati’s Fifth Third will be raising its minimum hourly wage once again.
The company announced on Monday that it will raise its minimum wage to $20 per hour beginning July 4.
At the same time, the bank will provide a wage adjustment for its first four job levels that are above Fifth Third’s new minimum $20 wage. According to Fifth Third, this means more than 40% of the bank’s workforce will receive a midyear compensation increase.
Tim Spence, president of Fifth Third Bancorp and the recently announced CEO said he believes the wage increase was “simply the right thing to do” and will make a difference in the lives of Fifth Third team members.
In 2018, Fifth Third raised its minimum hourly wage from $12 to $15. Then, in 2019, the bank increased its minimum hourly wage from $15 to $18 per hour.
“We are incredibly proud to be among the top quartile of our peers for employee retention according to leading research, and we believe our competitive compensation and benefits are essential to our ability to continue to attract and retain the best and brightest talent to serve and support our valued customers,” Spence said.
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