U.S. Bancorp announced on Tuesday that they will distribute $1,000 bonuses to nearly 60,000 employees, raise the minimum wage for their hourly employees to $15 per hour, and contribute $150 million to the U.S. Bank Foundation as a result of President Donald Trump passing the Tax Cuts and Jobs Act.
Andy Cecere, President and Chief Executive Officer for U.S. Bancorp said:
We believe that tax reform is positive for the U.S. economy because it provides an immediate opportunity to benefit our employees, our communities and our customers. We are proud of our people and their commitment to our customers and communities. We felt it was important to reward their hard work and dedication with this special bonus, the minimum wage increase and the health care enhancements.
The fifth largest commercial bank announced that they will also enhance employee-sponsored health insurance plans for the 2019 enrollment period and embark on strategic projects that will improve the bank’s digital and mobile capabilities for their customers. Cecere added:
Our one-time $150 million contribution to the U.S. Bank Foundation reflects a long-term expansion in our ability to invest in and revitalize our communities for years to come. We know how important it is to everyone at U.S. Bank that we strengthen our neighborhoods and communities with our time and financial resources. It is a privilege to make this decision to benefit our communities.
Several other American corporations announced that they will also invest in their employees, give their workers bonuses and wage hikes, and invest in America.
Zions Bank revealed on Tuesday that they will raise their employees’ salaries and distribute $1,000 bonuses to most of their employees.
Comcast announced after the Tax Cuts and Jobs Act passed in December that they will distribute $1,000 bonuses to more than one hundred thousand frontline and non-executive employees and invest more than $50 billion in infrastructure over the next several years as a result of Republicans passing tax reform.
Fellow bank Wells Fargo also announced that they will raise their staff minimum wage to $15 an hour and would also target $400 million in donations to community and non-profit organizations next year thanks to the Republican tax bill.
Fifth Third announced that they will raise their minimum wage for employees to $15 an hour and distribute a $1,000 bonus to more than 13,500 employees this Christmas season.
AT&T announced last Wednesday that they will distribute more $1,000 bonuses to more than 200,000 of their employees and invest more than $1 billion next year in their domestic business.
The University of Michigan revealed that American consumer sentiment has reached its highest level since 2000.
President Donald Trump tweeted on Tuesday, “Companies are giving big bonuses to their workers because of the Tax Cut Bill. Really great!”
Companies are giving big bonuses to their workers because of the Tax Cut Bill. Really great!
— Donald J. Trump (@realDonaldTrump) January 2, 2018