Starbucks became the latest company to increase wages and enact other perks for more than 150,000 U.S. employees as a direct result of recent tax reform, joining other corporations in rewarding workers.
The $1.5 trillion tax bill reduces the corporate tax rate from 35% to 21% and changes the way the U.S. government taxes companies that also operate internationally.
Here are other companies increasing pay and delivering bonuses because of President Trump:
The California-based tech giant gave employees below the senior level title of "director" bonuses worth $2,500.
The telecom giant said in late December that more than 200,000 of its employees, including union-represented and non-management workers, will be eligible for a $1,000 bonus.
The aerospace and defense company immediately announced $300 million in investments after the bill passed, with $100 million toward corporate giving including employee gift-match programs, $100 million toward workforce development, training and education and $100 million toward enhancing Boeing’s workplaces.
"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 President and CEO Dennis Muilenburg said in a statement.
The Philadelphia-based telecom corporation said it would award $1,000 bonuses to more than 100,000 non-executive employees.
The country's largest bank said it will raise wages for roughly 22,000 workers to between $15 and $18 per hour. JPMorgan Chase employees are also set to receive a $750 bonus this month.
The New York-based airline said on Jan. 4 that it would grant a $1,000 to each of its 21,000 crewmembers.
The Dallas-based airline is awarding a $1,000 cash bonus to all of its full-time and part-time employees. In addition, Southwest said it will donate $5 million toward charitable causes and partner with Boeing to modernize its fleet of planes.
“We applaud Congress and the President for taking this action to pass legislation," Southwest Chairman and Chief Executive Officer Gary Kelly said in a statement.
U.S. Bancorp, the parent company of U.S. Bank, is distributing $1,000 bonuses to roughly 60,000 of its employees and raising minimum wage for hourly workers to $15 per hour.
Wal-Mart, the world's largest employer, with over 2 million workers, the move to boost pay for hourly U.S. workers to $11 underscores the power of the new tax package. Additionally, the retailer will give one-time $1,000 bonus payments to workers, depending on length of service.
The Walt Disney Co.
More than 125,000 Disney employees will receive $1,000 cash bonuses, the company announced on Jan. 23. The bonuses will be dispersed in two payments, one in March and another in September. In addition, Disney invested $50 million in an education program to cover tuition payments for hourly employees.
“I am proud we are directing approximately $125 million to our cast members and employees across the country and making higher education more accessible with the launch of this new program,” Disney CEO Bob Iger said in a statement.
Wells Fargo & Company 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.
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