MetLife Announces $15 Minimum Wage, $10 Million Investment in Workers Due to Tax Reform

MetLife
Daniel Acker/Bloomberg/Getty Images
Sean Moran

MetLife announced on Monday they will institute a $15 minimum wage as well as invest $10 million in their workers due to tax reform.

MetLife Chairman, President and CEO Steven A. Kandarian said:

As a result of tax reform, we are making a significant investment in our employees. We are enhancing pay and benefit programs and helping them develop skills that will make them more valuable members of our team. We are investing in their future and strengthening their long-term financial security with structural improvements that will endure. We are also channeling most of the benefits to employees at the lower end of the compensation spectrum.”

MetLife revealed on Monday that they will establish a workforce for Future Development Fund and will invest $10 million to benefit their workers.

MetLife announced that they will:

  • Establish a $15 minimum wage, well above the $7.25 federal minimum wage.
  • Establish a minimum MetLife-provided group life insurance benefit of $75,000, regardless of the worker’s salary. The previous program set the life insurance benefit to one’s annual pay.
  • Introduce a $300 minimum monthly credit of the company’s defined benefit pension plan.
  • Enhance the 401(k) plan design by transitioning to auto-enrollment for employee contributions and immediate eligibility for and vesting in employer matching contributions.

The American economy continues to expand under President Donald Trump and the Tax Cuts and Jobs Act. 

Chipotle announced on Wednesday that they will give their employees bonuses up to $1,000 and other worker-related benefits thanks to tax reform.

The economy continues to expand under President Donald Trump. Lowe’s announced last week that it will offer its workers up to $1,000 in bonuses along with other benefits. FedEx announced in January that it will commit to more than $3.2 billion in wage increases, bonuses, and American capital investment due to the Tax Cuts and Jobs Act.

UPS, Cigna, and Hostess Brands also announced significant investments due to tax reform. David Abney, UPS chairman and chief executive, said:

This $12 billion investment program is an outgrowth of the opportunity for tax savings created by the Tax and Jobs Act. We will increase network investments and accelerate pension funding to strengthen the company for the long term, so that we maximize the benefit to our global customers, employees and shareowners.

President Donald Trump announced on Sunday, “4.2 million hard working Americans have already received a large Bonus and/or Pay Increase because of our recently Passed Tax Cut & Jobs Bill….and it will only get better! We are far ahead of schedule.”

COMMENTS

Please let us know if you're having issues with commenting.