Due to the passing of the Republican’s Tax Reform plan, Fifth Bancorp to give workers bonuses, minimum wage hike after tax bill passes.
Fifth Third Bancorp in Cincinnati, Ohio, will pay more than 13,500 employees a bonus and raise the minimum wage for its workforce to $15 after the passage of the GOP tax plan that will cut the bank’s corporate tax rate.
It is the second company to announce a bonus for employees because of the tax plan. AT&T said earlier on Wednesday it would pay 200,000 U.S. employees $1,000 each and increase its capital spending budget by $1 billion.
Fifth Third said the tax cut allowed it to reevaluate its employee pay and pass along some of the windfall. Nearly 3,000 workers will see hourly wages rise to $15. The $1,000 one-time bonus is expected to be paid by the end of this year, the bank said, assuming President Trump signs it by Christmas.