TRUMP EFFECT: Fifth Third Bancorp Raises Minimum Hourly Wage, Issues Bonuses To Employees Due To GOP Tax Reform

Thanks to Republicans passing historic tax reform, Fifth Third Bancorp announced it will “raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 to more than 13,500 employees.” 

BusinessWire reports:

Fifth Third Bancorp announced plans today to raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees. The actions are in appreciation for the commitment employees show in supporting customers and building stronger communities. […]

Approximately 75 percent of employees will receive a pay increase 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.”

Newly passed tax legislation includes a reduction in corporate tax rates designed to spur economic growth. Carmichael said 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.

The Senate approved Trump’s tax bill 51-48 in a midnight showdown.

For the second time, the House followed suit today.

This is the biggest tax overhaul in 30 years.


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