Smart Benefits: Should You Boost Benefits in Light of Tax Reform?
Monday, February 05, 2018
The financial benefit of the law to corporations is being passed on in several highly-publicized ways.
- One-Time Bonuses: On Thursday, Lowe’s was the latest of many companies since the passage of the tax reform legislation to announce one-time $1,000 bonuses for its more than 260,000 hourly employees nationwide.
- Minimum Wage Hikes: In December, Wells Fargo pledged to raise the minimum hourly pay rate to $15. And just last week, Cigna announced it would establish a minimum wage of $16 an hour for US employees.
- Retirement Plan Match Increases: Big companies like Visa and Aflac have responded to the tax reform legislation by raising their match on employee 401(k) contributions. Visa recently announced it would increase its contribution to 10 percent of a worker’s base salary.
With the tax cut a boon to businesses, it may be worth considering investing in your employees, and your future.
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