The tax cut enacted by Congress has Fifth Third Bancorp planning to raise the minimum wage it pays employees to $15 an hour and pay a $1,000 one-time bonus.
The largest bank operating in West Michigan, the Cincinnati-based Fifth Third said about three-quarters of its 13,500 employees will receive a pay raise or bonus, which CEO Greg Carmichael said was in response to the tax bill that passed Congress this week and lowered the corporate tax rate. The tax cut “allowed the bank the opportunity to reevaluate its compensation structure and share some of those benefits with its talented and dedicated workforce,” Fifth Third said in a statement.
“We want to invest in our most important asset – our people,” Carmichael said. “Our employees drive our reputation, our business and our success. It is good for our communities, employees and Fifth Third Bank.”
About 3,000 Fifth Third employees will get a pay raise once President Trump signs the legislation. The bank will distribute the $1,000 bonus by the end of the year, presuming the tax bill gets signed by Christmas.
Fifth Third has more than 200 branches statewide, with about 100 them in West Michigan. The bank employs more than 2,600 in Michigan, with more than 1,900 in West Michigan.
