Some of the companies giving out raises and bonuses because of tax reform

Southwest Airlines

Southwest (LUV[12]) said on January 2[13] that it would “celebrate the recent tax reform legislation” by giving full-time and part-time employees $1,000 cash bonuses.

“We are excited about the savings and additional capital, which we intend to put to work in several forms,” CEO Gary Kelly said in a statement.

Southwest also said it would give an additional $5 million to charities, and pledged to buy more planes from Boeing (BA), its aircraft supplier.

Walmart

Walmart announced Thursday[14] that it will give employees a one-time bonus of up to $1,000. The company is also raising wages for workers.

The nation’s largest retailer said it would increase its minimum wage to $11 an hour starting in February. Walmart (WMT[15]) last raised its minimum pay for employees to $10 an hour in 2015.

“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” Walmart president and CEO Doug McMillon said in a news release. He credited tax reform for allowing the company to “accelerate plans for the U.S.”

The news came the same day Sam’s Club shut down multiple locations[16].

Walmart also said it would create a new benefit to help with adoption expenses and is expanding its paid parental leave policy.

Wells Fargo

The bank said on December 20, 2017 that it would raise the company’s minimum wage to $15 an hour, from $13.50.

“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,” CEO Tim Sloan said in a statement[17].

Wells Fargo also said it would increase its charitable giving in 2018 by about 40% to $400 million.

Correction: An earlier version of this article incorrectly stated that it listed all the companies that have announced raises.

References

  1. ^ WMT (money.cnn.com)
  2. ^ a $1,000 bonus (money.cnn.com)
  3. ^ AAL (money.cnn.com)
  4. ^ in a letter (news.aa.com)
  5. ^ TWX (money.cnn.com)
  6. ^ CMCSA (money.cnn.com)
  7. ^ release (www.businesswire.com)
  8. ^ announced Thursday (money.cnn.com)
  9. ^ credited tax reform (ir.53.com)
  10. ^ JBLU (money.cnn.com)
  11. ^ give $1,000 (www.businesswire.com)
  12. ^ LUV (money.cnn.com)
  13. ^ said on January 2 (money.cnn.com)
  14. ^ announced Thursday (money.cnn.com)
  15. ^ WMT (money.cnn.com)
  16. ^ shut down multiple locations (money.cnn.com)
  17. ^ in a statement (newsroom.wf.com)
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