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

Date : 08/06/2019 @ 2:45PM
Source : Dow Jones News
Stock : Fifth Third Bancorp (FITB)
Quote : 14.28  0.0 (0.00%) @ 9:39AM

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

Fifth Third Bancorp (NASDAQ:FITB)
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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)

Copyright (c) 2019 Dow Jones & Company, Inc.

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