TRAVERSE CITY — Fifth Third Bancorp will raise its minimum wage from $15 to $18 per hour on Oct. 28. About 4,900 employees in several states will be affected.
The bank in January 2018 raised its minimum wage from $12 to $15 per hour. That increase, a release stated, contributed to the bank’s 16 percent year-over-year reduction in employee turnover in 2018 in jobs that were affected by the change.
A competitive compensation and benefits package is essential to the bank’s ability to attract and retain the best employees, Chairman, President and CEO Greg D. Carmichael said in the release.
October’s increase to $18 will mostly affect employees in retail branches and customer contact centers. The increase won’t apply to commissioned employees, who typically already make more than that amount. The change represents about an annual investment of about $15 million in employees, according to the release.
Fifth Third Bancorp is based in Cincinnati. It is the indirect parent company of Fifth Third Bank, an Ohio-chartered bank.
Fifth Third operates 1,207 banking centers and 2,551 ATMs with Fifth Third branding in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee and West Virginia.