Fifth Third Bancorp (FITB) said it was raising its minimum hourly wage to $15 and would distribute a one-time bonus of $1,000 to more than 13,500 employees.
The company said Wednesday the tax-code overhaul bill, which gained approval from both chambers of Congress this week, allowed it the opportunity to re-evaluate its compensation structure.
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President Donald Trump is expected to sign the bill.
Fifth Third joins AT&T Inc., which also said it would pay a $1,000 bonus to more than 200,000 of its employees after Mr. Trump signed the bill.
Fifth Third said if the legislation is signed into law, nearly 3,000 hourly employees will see their pay increased to $15 an hour.
The company has about 18,000 employees.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
December 20, 2017 16:50 ET (21:50 GMT)