Fifth Third Bank to Raise Minimum Hourly Wage to $20

Fifth Third BankĀ unveiled plans to raise its minimum wage to $20 per hour beginning July 5. The wage increase will result in a wage adjustment for its first four job levels above its new minimum requirement.Ā 

ā€œThis wage increase is simply the right thing to do,ā€ Tim Spence says, president of Fifth Third Bancorp. ā€œIt 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. Under the leadership of Greg Carmichael, our CEO, Fifth Third has been a leader in increasing our employeesā€™ wages. 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. We are incredibly proud to be among the top quartile of our peers for employee retention, according to leading research and we believe our competitive compensation and benefits are essential to our ability to continue to attract and retain the best and brightest talent to serve and support our valued customers.ā€

The last minimum hourly increase for Fifth Thrid was in 2018 when its minimum hourly rate increased from $12 to $15. That was followed in October 2019 by the rise from $15 to $18 per hour. The new $20 minimum hourly wage will benefit nearly 95% of employees in retail branches and operations support functions, including customer contact centers.

ā€œIā€™m extremely proud to be a part of a company that recognizes the importance of doing the right thing,ā€ Jim Weiss says (pictured), Regional President of South Florida for Fifth Third. ā€œOur employees work extremely hard and are one of most valuable assets.ā€

You May Also Like
Maxim Hosts Big Game Watch Party on Sunday

Book an exclusive cabana or day bed.

Read More
Girl Scouts of Southeast Florida Launches 2025 Cookie Season

The funds help support outdoor adventures, service projects, and travel opportunities.

Read More
Annual Conine All-Star Golf Classic Benefits Joe DiMaggio Childrenā€™s Hospital Foundation

The event has raised more than $8.5 million for the Conine Clubhouse.

Read More
Other Posts
Discover the Epitome of Modern Luxury Living in Harbour Inlet

The residence was built by the renowned Robert Garza and designed by Bruce Celenski.

Read More
Iconic Italian Neighborhood Restaurant From NYC Set to Open in Wynwood District

Leading the kitchen at Rosemaryā€™s Wynwood is Executive Chef Craig Giunta.

Read More
2025 Motorcar Cavalcade Concours Is Three Days Away

Dress your best; hats and picnic blankets are encouraged.

Read More
2025 Motorcar Cavalcade
City of Boca Raton Kicks Off Its First-Ever Seafood Festival

It is a celebration of food, fun and festivities.

Read More