CINCINNATI — Cincinnati-based Fifth Third Bancorp said this week it’s hiking its minimum wage to $20 an hour.
Nearly 8,600 employees will get a pay raise starting July 4, 2022, according to Charlotte Business Journal. Over 40% of Fifth Third’s 20,000 employees will get a compensation hike.
The company had set previously set its minimum wage at $18 in October 2019, according to Grand Rapids Business Journal.
We believe in investing in our employees—the people who make us a #53better. We will be raising our #minimumwage to $20/hr and providing a wage adjustment for our first four job levels. More than 40% of the Bank’s workforce will receive an increase. https://t.co/bwKSayzXkO pic.twitter.com/ORJZgTLOYV
— Fifth Third Bank (@FifthThird) April 18, 2022
President of Fifth Third Bancorp, Tim Spence, said in a statement that the move was to offset the rising costs of living.
“This wage increase is simply the right thing to do. It will make a meaningful difference in the lives of our team members, who are the face of Fifth Third and who are impacted disproportionately by rising costs of living,” Spence said.
Fifth Third Bancorp is headquartered in Cincinnati, Ohio with 1,117 banking centers in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.
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