By Royce Sutton
Inflation is at a 40-year high. You see it yourself … not only in the daily news, but also in your utility bill, at the grocery and at the gas pump. The cost of living is noticeably higher, and it’s something that weighs on everyone.
In recognition of this increase in cost of living, we’re happy to share that Fifth Third Bank will be raising its minimum wage to $20 an hour, effective July 4. The increase will affect over 3,600 employees, most of whom are on the front lines of serving our customers every day through our retail locations or call centers. All eligible employees who currently earn less than $20 per hour will receive a base pay increase to meet the new minimum wage, effective July 4.
In addition to the minimum wage increase, we also plan for a pay adjustment for our first four job levels. These pay increases, which also will take effect July 4, are expected to positively impact over 40% of our employees. Additional information will be shared in early May with those impacted.
The minimum wage move from $18 to $20 an hour will be the third increase in recent years. Since 2017, we’ve raised our minimum hourly rate a full 66%, going from $12 in 2017 to $15 in 2018, and from $15 to $18 in 2019, and now, in 2022, to $20. The increase means a full-time Fifth Third employee, even at the start of a career here, will earn over $41,500 a year pre-tax.