Fifth Third Bank to spread the wealth after GOP tax reform bill passes

A bank with a number of locations in Michiana is pledging to give its employees raises, thanks to the tax reform bill passed by Congress.

Ohio-based Fifth Third Bank has over a dozen locations in and around Michiana, and tells ABC 21 thousands of its employees will be getting a raise and a one-time bonus.

The company specifically cites Republicans’ new tax bill, which reduced corporate tax rates by 14%, as the reason. The minimum pay rate for employees will jump to $15 per hour, and more than 13,000 employees will also be getting a one-time $1,000 bonus. 75% of the bank’s employees will benefit from at least one of those measures.

Corporations get a permanent tax cut from the bill, which also doubles the standard deduction used by most Americans. Tax cuts for individuals, however, expire in 8 years.