Fifth-Third CEO: Bank Workers Will Get Minimum Wage Boost Due To New Tax Reform

DETROIT (WWJ/AP) – Some local workers will be seeing a pay raise because of the newly approved tax reform legislation.

Fifth-Third Bank says it will raise its minimum wage for all employees to $15 an hour and a one-time bonus of $1000 to more than 13,000 workers.

Fifth Third has about 2,600 workers in Michigan.

The CEO says the tax cut allowed the bank the opportunity to re-evaluate its compensation structure and share some of those benefits with its workforce.

At least two other major companies are building goodwill in the wake of President Donald Trump’s tax cuts by finding ways to pass along some of their likely savings to employees.

Major government contractor Boeing will provide an additional $300 million for job-training, facility upgrades and charitable giving.

AT&T says it will pay a $1,000 bonus to 200,000 workers once the tax bill passed Wednesday is signed into law. The Justice Department is currently suing to block a proposed $85 billion merger between AT&T and Time Warner, a deal Trump has objected to as “not good for the country.”

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

