Fifth Third Bancorp is raising its minimum wage rate from $15 to $18 an hour effective Oct. 28.

The increase will go to about 4,900 employees, the Cincinnati-based banking and financial services company said this week.

The higher wage will primarily benefit employees in retail branches and operations support functions, including customer contact centers, Fifth Third said in a news release.

For full-time employees now making $15 an hour, the increase will add about $500 more per month in pre-tax income, or about $6,000 annually.

The bank raised its minimum hourly rate from $12 to $15 in January 2018. The increase helped reduce employee turnover in 2018 by 16 percent, Fifth Third said.

The increase will not apply to employees who work on a commissioned basis, whose earnings are typically above the new minimum wage, Fifth Third said.