American Airlines, Apple Inc, Comcast Corp, Disney, JPMorgan and Walmart have all announced pay raises and other benefits to their employees amid the new tax reform legislation.
These businesses and many others were just joined by coffee giant, Starbucks.
According to reports, Starbucks is doling out “domestic employees pay raises, company stock and expanded benefits.”
These benefits will reportedly exceed $250 million.
— Starbucks News (@Starbucksnews) January 24, 2018
Americans for Tax Reform reports over 3,000,000 American workers have benefited under the new legislation.
Here’s more on Starbucks, per Fox Business:
Starbucks said Wednesday it will 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 Seattle-based coffee chain is giving all of its U.S.-based hourly and salaried workers an unspecified raise in April, in addition to a wage increase already dispersed earlier in the Starbucks’ fiscal year, which began last October. Starbucks says it is investing roughly $120 million in the wage increases.
— The Hill (@thehill) January 24, 2018
Starbucks is also awarding workers stock grants worth a total of more than $100 million to those employed by the chain as of Jan. 1, 2018. Retail employees will receive at least a $500 grant, while store managers will receive grants of $2,000, the chain said.
Grants will be dispersed based on employment level on April 15 to all full-time, part-time, hourly and salaried employees in the country. In addition to the financial rewards, Starbucks is installing a new sick time policy that will allow employees to accrue sick days based on hours worked, as well as an expanded parental leave policy.
— AP Business News (@APBusiness) January 24, 2018
“Today, we are proud to announce additional investment in stock, wages and a new partner and family sick time benefit that will further enhance our industry-leading approach,” Starbucks CEO Kevin Johnson said in a statement, according to the report. “Just as we have always felt strongly that our partners are key to our business success, we have also known offering a valuable, comprehensive benefits package helps us retain our valuable partners.”
— House Republicans (@HouseGOP) January 24, 2018
Here’s even more, per Reuters:
Starbucks declined to say how much it expected its tax bill to drop under the new plan, and said executives would give details on its earnings call on Thursday.
Credit Suisse analyst Jason West recently estimated that Starbucks’ global tax rate could fall to about 24-25 percent from around 33 percent, which would drive roughly $425 million in annual tax savings.
— CNN (@CNN) January 24, 2018
Seattle-based Starbucks said it will give hourly and salaried employees, who received pay raises in January, a second wage increase in April.
Starting July 1, all employees will accrue paid sick leave and time to care for ill family members. It also expanded its parental leave policy for cafe workers, giving non-birth parents up to six weeks of paid leave when welcoming a new child.
.@Starbucks announced that it is permanently raising pay and expanding benefits like one-time stock bonuses and paid leave to its workers. This major investment in its workforce will help more than 150,000 employees.
— Leader McConnell (@SenateMajLdr) January 24, 2018
Here’s a list of some other businesses which have announced bonuses, via Steven Crowder:
Note: The author of this article has included commentary that expresses an opinion and analysis of the facts.
Here’s the MASTER list of companies making positve changes because of tax reform.
1. SCIENCE / INNOVATION
- Bayer – investing $8 billion in the U.S. and creating 3,000 jobs
- DOW – creating state of the art innovation center in Michigan
2. RETAIL / FOOD SERVICES
- Amazon – investing creating 100,000 jobs over next 18 months
- Walmart – investing $6.8 billion and creating 34,000 jobs
- Starbucks – $250 million on wage hikes and benefits, and will create 8,000 new retail jobs.
- Home Depot – creating 80,000 new jobs nationwide
- Kroger – planning 2017 expansion adding 10,000 jobs
3. BANKING / FINANCE
- SoftBank of Japan – investing $50 billion in the United States, creating 50,000 jobs
- Fifth Third Bancorp – raising minimum wage to $15. Giving 13,500 employees bonuses
- Wells Fargo – increasing minimum wage to $15. Giving $400 million in donations
- Bank of America – giving employees $1000 bonuses
- JP Morgan – spending 20 billion, raising pay, opening 400 new branches
4. TECHNOLOGY / MEDIA
- Apple – creating 20K new jobs, investing 300+ billion jobs
- Comcast – giving $1,000 bonuses to 100,000 “frontline and non-executive employees”
- AT&T – giving $1,000 bonuses to more than 200,000 employees. Investing $1 billion in U.S.
- Sprint – bringing 5,000 jobs back to the U.S. OneWeb creating 3,000 jobs
- IBM investing $1 billion, hiring 25,000 U.S. workers, opening 20 tech vocational schools
- Foxconn – expanding U.S. production, creating 50,000 jobs, investing $7 billion
- TransLux – moving full manufacturing from China back to U.S.
- Exxon Mobil – investing $20 billion and create 47,000 jobs
- Intel – investing $7 billion and create 3,000 jobs in AZ
- Verizon – will give nearly all of its employees 50 shares of restricted stock, worth roughly $53 each
- Disney – giving 125,000 employees $1000 bonuses, investing in employee education
- Tesla, Panasonic – making solar cells in Buffalo, New York creating 1,500 jobs and investing $5 billion
- Ford – canceling $1.6 billion Mexico Plant. Expanding in Michigan adding 700 jobs and investing $700 million
- Fiat Chrysler – investing $1 billion and adding 2,000 jobs in Michigan and Ohio
- GM – investing $1 billion in the U.S. and creating/retaining 1,000 jobs
- Hyundai-Kia – investing $3.1 billion in the U.S. over 5 years
- Toyota – investing $10 billion in the U.S. over 5 years
- Stanley Black and Decker – opening $35 million plant in US
- Boeing – spending $300 million on “employee-related and charitable investments”
- U.S. Steel – rehiring laid-off workers, adding 10,000 jobs, investing $10 billion