The tax bill’s implications continue to grow. Now we are seeing still more companies announcing millions of dollars in raises and benefits for their workers. Wells Fargo and Fifth Third Bancorp will be raising their minimum wages to fifteen dollars an hour in addition to donations to charity, increasing spending on expansions, and increasing bonus pay to their workforce.
Stay tuned for more massive benefits for the workers of America, who shall rue the day the tax plan has passed since many will not only get thousands of dollars less taken out in taxes every year in their paychecks, they will have more money from the raises they are getting.
Fifth Third Bancorp will pay more than 13,500 employees a bonus and raise the minimum wage of its workforce to $15 an hour after the passage of the Republican tax plan that will cut the bank’s corporate tax rate.
Wells Fargo, meanwhile, also said it would be boosting its minimum wage for employees to $15 an hour, which was prompted by the tax plan. The San Francisco-based bank also said it would target $400 million in donations to community and nonprofit organizations next year.
Cincinnati-based Fifth Third, the fifteenth largest U.S. bank by asset size, said the tax cut allowed it to re-evaluate its employee pay and pass along some of the windfall. Nearly 3,000 workers will see hourly wages rise to $15. The $1,000 one-time bonus is expected to be paid by the end of this year, the bank said, assuming President Donald Trump signs the bill into law by Christmas.
UPDATE: Comcast too!
Now Comcast says they will be giving out bonuses.
— David Shepardson (@davidshepardson) December 20, 2017