Bank Raises Minimum Hourly Wage to $15

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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.

Why did they do this?

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.

But, but, but.........

a reply to: pavil

Heres a drop in the bucket, comparatively.

originally posted by: intrptr
a reply to: pavil

Heres a drop in the bucket, comparatively.

Not for the employees getting it. Your thinking is out of touch.

a reply to: pavil

And, many more companies even on the first day announcing this,

www.foxbusiness.com...

a reply to: whywhynot

Your thinking is out of touch.

Whats 'out of touch' is how much the bank gets from the reduction in taxes.
Besides as I read it, "planning" to raise wages isn't the same thing as actually raising them.

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

Is that kind of like when the gubment "Pledges" money for relief efforts somewhere, then welshes on the Deal?

'Announcements' of plans are fine and all... unlike banksters though to give more of anything except interest. Believe whatever you want, show me a pay stub, before and after.

"Plans" to increase minimum wage. Plans don't always follow through and knowing banks they'll find some way out of it one way or another. Hopefully I'm wrong but it seems you're counting your eggs before they hatch.

originally posted by: pavil
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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.

Why did they do this?

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.

But, but, but.........

I am flat out stunned at the speed of these developments. Imagine how the left feels.....LMAO

originally posted by: intrptr
a reply to: whywhynot

Your thinking is out of touch.

Whats 'out of touch' is how much the bank gets from the reduction in taxes.
Besides as I read it, "planning" to raise wages isn't the same thing as actually raising them.

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

Is that kind of like when the gubment "Pledges" money for relief efforts somewhere, then welshes on the Deal?

'Announcements' of plans are fine and all... unlike banksters though to give more of anything except interest. Believe whatever you want, show me a pay stub, before and after.

I said you were out of touch because you didn’t think that raising an employees wage was a big deal. You just spun away to cover your tracks.

Employees raises = R voters Job creation = R voters. Lots of new R voters = many more years of R control. Yippee

sorry double post

originally posted by: nwtrucker

originally posted by: pavil
link

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.

Why did they do this?

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.

But, but, but.........

I am flat out stunned at the speed of these developments. Imagine how the left feels.....LMAO

So far they are in denial.

a reply to: Metallicus

And getting very wet. Lol

a reply to: Metallicus

Home Depot hired 80,000 new employees right after Trump won the election an HR manager told me once because of the promised tax cuts.

originally posted by: 3NL1GHT3N3D1
"Plans" to increase minimum wage. Plans don't always follow through and knowing banks they'll find some way out of it one way or another. Hopefully I'm wrong but it seems you're counting your eggs before they hatch.

Why are you incapable of being positive in something if it involves Trump? If Hillary was elected and this same thing was happening you would cheer, that is telling. These corporations publicly made these promises upon signature, how do you think it will look if they renege? ESPECIALLY wells fargo after the investments scam fiasco, you really think they wont follow through with their public statements?

Also, none of these companies had any obligation to say anything, they weren't leveraging passage as it already had passed both houses, so count out the lobbying aspect. They made these statements as reciprocation to the new tax structure. It did indeed affect the middle class workers at those corporations, and quite directly.

How can you find a negative in tax cuts regardless the level. This tax plan really helps the low class as well with the standard deduction increase and tax burden of zero percent up to $9600 i believe it is. That means everyone making under $22,000 pays zero in taxes. That is bad?

a reply to: Vector99

Because I don't trust banks or corporations any further than I can throw them. It has nothing to do with Trump from my point of view and everything to do with the shadiness of banks and corporations.

And will be hitting customers with more fees to cover the costs .

Better a drop in the bucket than a hole in the bottom of it.

a reply to: 3NL1GHT3N3D1

I agree with your sentiment, but the simple fact is if banks prosper so do individuals. The employees are getting higher wages, investors are getting higher returns, business loans increase, and overall slow growth happens.

Trickle down economics isn't a failure, it's simply that people are impatient and expect immediate results.

How many employees did they have at the current federal minimum?
My guess is not many.

a reply to: Vector99

They've been talking about "trickle down economics" for decades now, when are we expecting to see results? All I see is the wealth gap getting bigger, rich people getting richer and poor people getting poorer.

originally posted by: Bluntone22
How many employees did they have at the current federal minimum?
My guess is not many.

18% of their workforce. 3,000 of 18,000 would get a Raise to $15 per the article.

Now you'll say......"that's All?"

Can't even admit anything good due to Trump , can you?

But but but........