This summer, Fifth Third Bank will raise its minimum hourly wage to $20.
The Cincinnati-based bank, which has a large West Michigan presence, said Monday, April 18, it would raise its minimum wage to $20 per hour beginning July 4.
At the same time, the bank will adjust wages for its first four job levels that are above the bank’s new minimum wage. In total, more than 40% of the bank’s workforce will receive a midyear compensation increase.
“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,” said Tim Spence, president of Fifth Third Bancorp and the incoming CEO, effective July 5.
“Under the leadership of Greg Carmichael, our CEO, Fifth Third has been a leader in increasing our employees’ wages. Fifth Third led the industry in 2018 by increasing to $15 and was among the first to increase to $18. We are carrying our leadership forward with this additional wage and midyear pay increase.
“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.”
In January 2018, the bank raised its minimum hourly rate from $12 to $15. That was followed in October 2019 by an increase from $15 to $18 per hour.
The new $20 minimum hourly wage will benefit nearly 95% of employees in retail branches and operations support functions, including customer contact centers.