Major companies like Boeing and AT&T are launching programs designed to reward employees following the passage of the GOP’s tax overhaul, according to Fox Business.
AT&T announced on Wednesday, for example, that 200,000 employees will now be eligible for a $1,000 bonus—and their checks will hit mailboxes before the holidays.
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“Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” AT&T Chairman and CEO Randall Stephenson said in a statement. “This tax reform will drive economic growth and create good-paying jobs.”
Boeing, in a similar move, is putting $100 million toward employee gift-matching programs, $100 million toward workforce development, and $100 million back into the improvement of Boeing workplace environments.
“On behalf of all of our stakeholders, we applaud and thank Congress and the administration for their leadership in seizing this opportunity to unleash economic energy in the United States,” Boeing (BA) President and CEO Dennis Muilenburg said in a statement. “It’s the single-most important thing we can do to drive innovation, support quality jobs and accelerate capital investment in our country.”
Comcast is another company making big moves on behalf of employees following the passage of the bill.
he Philadelphia-based telecom corporation said it would award $1,000 bonuses to more than 100,000 non-executive employees. In addition, Comcast (CMCSA) NBC Universal Chairman and CEO Brian L. Roberts said the company plans to spend more than $50 billion in the next five years on infrastructure investments that are expected to create “thousands of new direct and indirect jobs.”
Fifth Third Bancorp has joined the club too, committing to a $15 minimum hourly wage company-wide. It’s also handing out $1,000 bonuses to more than 13,500 employees.
Wells Fargo is another on the list:
Wells Fargo & Company (WFC) said it would raise the minimum wage for its team members to $15 per hour and earmark $400 million for philanthropic initiatives in 2018. Some $100 million of that total will be committed to boosting small businesses, while $75 million will support neighborhood revitalization efforts.
“We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners,” said Wells Fargo President and CEO Tim Sloan. “We look forward to identifying additional opportunities for Wells Fargo to invest, as we continue to execute our business strategies and provide long-term value to all our stakeholders.”