Fifth Third Bank to hike minimum wage to $20 an hour

CHARLOTTE — One of the largest players in Charlotte’s banking sector is upping its minimum wage later this year.

Cincinnati-based Fifth Third Bancorp said this week it’s hiking its minimum wage to $20 an hour beginning July 4. The previous minimum wage at Fifth Third, the ninth-largest U.S.-based consumer bank, had been $18, making it an 11% increase.

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Fifth Third’s move also includes a wage increase to its first four job levels above the new minimum wage. That change, combined with the minimum wage hike, means about 8,600 employees will get a pay raise in July. More than 40% of Fifth Third’s 20,000 employees are getting a compensation hike, including 95% of those working at branches and in operations support areas, such as customer contact centers.