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Fifth Third Bank will be giving its employees a $3 hourly raise when it boosts its minimum wage to $18 effective October 28. So reports Fox 2 Detroit.

The announcement comes as the bank notes it has increased its hourly minimum wage by 50% in the last two years. The minimum wage was raised from $12 to $15 an hour in January 2018, and since that time employee turnover had dropped 16% year over year, according to the bank. “This wage increase will make a meaningful difference in the lives of our employees,” says Bob Shaffer, Chief Human Resources Officer. "It could ease a car payment, facilitate a student loan payment or signal the start of a savings plan for the future.”

Read the full article from Fox 2 Detroit.

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