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CLEVELAND, Ohio — Fifth Third Bank will raise its minimum wage to $20 an hour, giving employees in Cleveland and elsewhere a raise.

Fifth Third announced Monday that it will raise its minimum wage beginning July 4 and adjust wages to the four job levels above the bank’s new minimum wages. The company said more than 40% of its workforce will see a pay increase midyear.

“This wage increase is simply the right thing to do,” said Tim Spence, president of Fifth Third Bancorp and the recently announced CEO. “It will make a meaningful difference in the lives of our team members, who are the face of Fifth Third and who are impacted disproportionately by rising costs of living.”

According to a spokesperson, Fifth Third has approximately 1,000 employees in Northern Ohio, which includes Cleveland, Akron, Canton and Toledo at 98 locations.

About half of those employees will be impacted, spokesperson Laura Passerallo said.

The bank raised minimum hourly wages from $12 to $15 in January 2018, and increased it again from $15 to $18 in October 2019.

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