Cincinnati-based Fifth Third Bancorp is planning to raise its minimum wage to $20 per hour. The bank, which operates more than 100 branch locations throughout Indiana, says it will also provide a wage adjustment for some jobs that are above its new starting wage.
Altogether, the bank says more than 40% of its workforce will receive a mid-year compensation increase.
“This wage increase is simply the right thing to do,” said Tim Spence, president of Fifth Third Bancorp. “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. 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.”
Fifth Third says the new hourly rate will benefit almost 95% of employees working at its retail branches and customer contact centers. The increase is expected to take effect July 4.
Fifth Third operates a total of more than 1,000 banking centers throughout Indiana, Ohio, and Kentucky, among others.