“That increase contributed to a 16 percent year-over-year reduction in employee turnover in 2018 in those jobs most affected by the minimum wage,” the bank said in its announcement. “Notably, the new $18 minimum hourly wage will primarily benefit employees in retail branches and operations support functions such as customer contact centers.”
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Fifth Third said the increase will not apply to employees who work on a commissioned basis.
For full-time employees currently making $15 an hour, the increase will amount to roughly $500 more per month on a pre-tax basis.
It represents an additional investment, on an annualized basis, of approximately $15 million the Bank is making in its employees.