Fifth Third Bank announced minimum wage increase after passage of tax overhaul

Fifth Third Bank announced minimum wage increase after passage of tax overhaul

CINCINNATI, OH (WTOL) - Fifth-Third Bank announced plans to raise their minimum wage following the passage of the GOP tax bill through Congress. President Donald Trump is expected to sign the bill.

Fifth Third Bank says their hourly minimum wage for all hourly employees will be $15. They will also give more than 13,500 employees $1,000.

Due to the wage increase, about 75 percent of Fifth Third employees will see a raise or bonus.

"We want to invest in our most important asset – our people," said Fifth Third President and CEO Greg Carmichael. "Our employees drive our reputation, our business and our success."

Carmichael says with reductions in corporate tax rates, Fifth Third Bank is able to "reevaluate" their wages and share in the benefits of lower taxes.

Fifth Third says the raise will go into effect once the bill is signed by President Trump. They also hope to distribute the bonuses before Christmas, assuming the bill is signed.

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