The regional bank credits the $1.5 trillion Republican tax cut for allowing it to pay workers more money.
Crediting the Republican tax plan, Fifth Third Bank said Wednesday it would boost the minimum pay for its employees to $15 per hour.
Congressional passage of the $1.5 trillion tax cut this week allowed the regional bank to re-evaluate its pay structure, Fifth Third officials said.
The pay increase will affect 3,000 hourly workers – one-out-of-six Fifth Third employees. About 13,500 workers or three-quarters of the bank’s payroll will also receive a one-time $1,000 bonus. It will be distributed by the end of the year, assuming President Trump signs the bill before Christmas.
Senior managers and executive leadership are excluded from the compensation.
“We want to invest in our most important asset – our people,” Fifth Third CEO Greg Carmichael said. “Our employees drive our reputation, our business and our success.”
Carmichael said the higher wage is an important step to help support individuals, their families and the communities in which the bank operates.
