By Colin Kellaher
Fifth Third Bancorp (FITB) on Tuesday said it would raise its minimum wage to $18 an hour from $15, marking its second large increase in less than two years.
The Cincinnati financial-services company said the increase, effective Oct. 28, covers roughly 4,900 employees and represents an additional annual investment in its workforce of about $15 million.
Fifth Third said the increase, coupled with a January 2018 boost to $15 from $12, represents a 50% rise in its minimum wage since the beginning of last year.
The company said last year's pay increase contributed to a 16% year-over-year reduction in employee turnover in jobs most affected by the minimum wage.
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