Fifth Third Bancorp to Raise Minimum Wage to $18/Hour From $15

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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