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Tax Reform Spurs Companies, Large and Small, to Boost Workforce Investment
From Coast to Coast, Businesses are Boosting Wages & Bonuses Due to Tax Reform
Companies across the country are investing in their employees and their communities as a result of comprehensive tax reform. Senate Finance Committee Chairman Orrin Hatch (R-Utah) said repeatedly while working on the tax overhaul that reforms like lowering the corporate rate, increasing expensing and shifting to a territorial international tax system would lead to higher wages and businesses directing more resources into their workers. Five days into the new tax code and already companies in nearly every state have already announced that they are investing their tax savings back into their employees and businesses.
Alabama
Regions Financials announced it will boost its minimum wage to $15 per hour, donate $40 million to its charitable foundation, and increase its capital expenditures budget by about $100 million.
Alaska
Alaska Air Group said it would give a $1,000 bonus to 22,000 workers.
Arizona
Western Alliance Bancorp announced it will boost the lowest-paid half of its employees pay by 7.5 percent, increase 401(k) match contributions, and improve maternity leave benefits.
Arkansas
Bank of the Ozarks said it will create an annual cash-based incentive bonus program for hourly employees. Employees will be eligible for up to a $1,200 cash award based on company and individual performance.
California
Summit State Bank said it will give a $2,000 bonus to all of its non-executive employees.
Wells Fargo announced it will increase its minimum wage to $15 per hour and pledged to give $400 million in donations in 2018.
Colorado
Canary, LLC said it will hire more workers and increase capital spending.
National Bank Holdings Corp. announced it will give a $1,000 bonus to approximately half of its employees.
Connecticut
Windsor Federal Savings said it will pay a $250 bonus to all non-senior management employees and boost its minimum wage to $15 per hour.
Delaware
Delaware Supermarkets said it will give a $150 bonus to 1,000 of its employees, as well as increasing investment in employee training and development programs by $150,000.
Naviet announced it will give a $1,000 bonus to nearly all of its 6,700 employees.
Florida
The Flood Insurance Agency said it will give a $1,000 bonus for all full-time employees.
Georgia
Aflac Inc. announced it will boost 401(k) match from 50 percent to 100 percent on the first 4 percent of employee contributions. It will also add $500 to each of its employee’s 401(k)s. Additionally, Aflac promised to increase investment in the United States by $250 million over the next 3–5 years by expanding its operation and increasing benefits and training programs for its employees.
SunTrust Banks Inc. said it will boost merit-based pay for 20 percent of the bank’s workforce and increase its minimum wage to $15 per hour.
Hawaii
The four largest banks in Hawaii, the First Hawaiian Bank, Bank of Hawaii, American Savings Bank and Central Pacific Bank, said they will give a bonus of $1,000 or $1,500 to their employees and boost their minimum wages to $15 per hour or more.
Royal Hawaiian Heritage Jewelry said it plans to open up three more shops, doubling the number of shops it currently operates.
Idaho
Ball Ventures said it will give $100 to employees for every year they have worked for the company.
Melaleuca Inc. announced it will give its 2,000 employees a $100 bonus for every year they have worked for the company.
Illinois
Boeing announced it will boost $300 million in charitable projects, employee training and education and improve facilities.
Indiana
First Farmers Bank and Trust said it will give a $750 bonus for all full-time employees, increase its minimum wage by $2.50 per hour, and spend at least $150,000 per year on employee professional development.
Iowa
Ohnward Bancshares announced it will give a $1,000 bonus to every company employee.
Kentucky
Community Trust Bancorp, Inc. said it will give all of its full-time employees a $1,000 bonus.
Turning Point Brands Inc. announced it will give a $1,000 bonus to its 107 employees.
Louisiana
IAT Insurance Group said it will give a $3,000 bonus to all non-executive employees.
Maryland
Sinclair Broadcast Group announced it will give a $1,000 bonus to nearly 9,000 of its employees.
Massachusetts
HarborOne Bank said it will give a $500 bonus to more than 600 bank employees and accelerate its plan to implement a $15 minimum wage.
Michigan
White Pine Winery owner said he plans on planting more grape vines this year.
Minnesota
U.S. Bancorp said it will give a $1,000 bonus to nearly 60,000 employees and raise its minimum wage to $15 per hour.
Missouri
Commerce Bancshares announced it will give a $1,000 bonus to 3,450 of its full-time employees. It also said that additional part-time employees will receive a $250 bonus.
Kansas City Southern said it will give a $1,000 bonus to its non-executive employees.
Stifel Financial Corp. said will give a $1,500 bonus to approximately 7,000 of its employees.
Montana
SunRift Beer Company owner said the Craft Beverage and Modernization and Tax Reform Act that was included in tax reform will allow Montana brewers to reinvest in their business.
Nebraska
Nelnet said it will give a $1,000 bonus to nearly all of its 4,100 employees.
Pinnacle Bank announced it will give a $1,000 bonus to over 1,000 employees.
Nevada
South Point Casino announced it would double bonuses for 2,300 employees.
New Jersey
Unity Bancorp, Inc. said it will give a $750 bonus to all employees, excluding executive management.
New York
Dayton T. Brown, Inc. announced it will give a $400 bonus to each of its approximately 210 employees.
Clayton Distillery owner said he was planning on upgrading his facilities.
Jet Blue announced it will give a $1,000 bonus to 21,000 crewmembers.
North Carolina
Aquesta Financial Holdings said it will provide a $1,000 bonus to its employees and boost its minimum hourly wage to $15 per hour.
Bank of America announced it will give $1,000 to 2,074 employees and boost its minimum wage to $15 per hour.
BB&T Corp. said it will give a $1,200 bonus to its approximately 27,000 employees and increase its minimum wage to $15 per hour.
IAT Insurance Group announced it will give a $3,000 bonus to approximately 700 employees.
North Dakota
Gate City Bank announced it will give a $1,000 bonus to its employees, $500,000 in free home appraisals to customers, and $500,000 to its community.
Ohio
Fifth Third Bancorp announced it will give more than 13,500 employees a $1,000 bonus and boost its minimum wage to $15 per hour.
Nationwide Insurance said it would give a $1,000 bonus to 29,000 employees and boost 401(k) matching contributions for 33,000 employees.
Oklahoma
AAON announced it will give a $1,000 bonus to its non-officer employees.
Express Employment Professionals said it will give a $2,000 bonus to more 200 workers.
Pennsylvania
Comcast announced it will give a $1,000 bonus to approximately 4,500 employees and boost its minimum wage to $15 per hour.
PNC Financial Services Group said it will give nearly all of its employees a $1,000 bonus, add $1,500 to employees’ defined benefit pension plan, boost its minimum wage to $15 per hour, and make a $200 million contribution to the PNC foundation.
Rhode Island
Citizens Bank announced it will give a $1,000 bonus to 12,500 employees and will give $10 million to the Citizens Charitable Foundation.
CVS said it will hire 3,000 more workers.
South Carolina
Nephron Pharmaceuticals announced 640 employees will receive a 5 percent pay boost and increase its minimum wage to $15 per hour.
South Dakota
Molded Fiber Glass plant was expected to close in early 2018, but after receiving a substantial order for wind turbine blades as a result of the production tax credit included in tax reform, it announced it is able to stay open.
Tennessee
First Horizon National Corp. said it will give approximately 4,000 employees a $1,000 bonus.
Texas
American Airlines announced it will give employees a $1,000 bonus, totaling approximately $130 million in the first quarter of 2018.
AT&T said it will give more than 200,000 employees a $1,000 bonus and increase U.S. capital expenditures by $1 billion.
Comerica Inc. announced it will give a $1,000 bonus to approximately 4,500 employees and increase its minimum wage to $15 per hour.
Rush Enterprises, Inc. said it will give a $1,000 bonus to approximately 6,600 employees.
Southwest Airlines announced it will give a $1,000 bonus to every full-time and part-time employee.
Utah
Zions Bancorp announced it will give a $1,000 bonus to nearly 60,000 employees and boost compensation for more than 40 percent of its employees.
Virginia
Bank of James said it will raise its minimum wage to $15 per hour for employees with more than one year of service, add vacation days, and increase charitable giving.
Washington
Inland Northwest Bank said it will boost its minimum wage to $15 per hour and give a $500 bonus to all non-senior executive employees.
Washington Federal announced a 5 percent merit-based wage increase for all employees making less than $100,000 annually and that it will also invest in employee training programs. Further, the bank will increase its technology staff by a quarter, add a technical office in Boise, Idaho, and donate $5 million to community nonprofits.
Wisconsin
Americollect said it will give up to a $500 bonus to its approximately 250 employees.
Associated Bank announced it will give workers a $500 bonus and boost its minimum wage to $15 per hour.
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