Fifth Third Bancorp to Raise Minimum Wage to $18/Hour From $15
06 August 2019 - 11:45PM
Dow Jones News
By Colin Kellaher
Fifth Third Bancorp (FITB) on Tuesday said it would raise its
minimum wage to $18 an hour from $15, marking its second large
increase in less than two years.
The Cincinnati financial-services company said the increase,
effective Oct. 28, covers roughly 4,900 employees and represents an
additional annual investment in its workforce of about $15
million.
Fifth Third said the increase, coupled with a January 2018 boost
to $15 from $12, represents a 50% rise in its minimum wage since
the beginning of last year.
The company said last year's pay increase contributed to a 16%
year-over-year reduction in employee turnover in jobs most affected
by the minimum wage.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 06, 2019 09:30 ET (13:30 GMT)
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