Nationwide Insurance announced on Wednesday that most of their workers will receive a $1,000 bonus, and they will increase their 401(k) match rates thanks to the recently passed Tax Cuts and Jobs Act.
Nationwide said in a statement, “Nationwide values its associates. People are at the core of our company values. The combination of the new tax legislation, including a reduced corporate tax rate, and our associates’ ongoing commitment to our members, community and On Your Side promise are the reasons we’re making this investment that further enhances the already robust benefits we offer to attract and retain the best talent.”
Nationwide announced in an email to their employees that they will provide bonuses of $1,000 and increase the 401(k) matching rate from 50 percent on the first six percent of employee contribution to 50 percent of the first seven percent of their employee contribution.
The insurance giant revealed in a statement that over 29,000 associates, managers, and individual staffers will receive a $1,000 bonus. The 401(k) increased match rate will impact roughly 33,000 employees.
Several other American companies, including Comcast, U.S. Bancorp, and AT&T have distributed bonuses, wage hikes, and increased domestic investment thanks to the historic Tax Cuts and Jobs Act.
President Donald Trump predicted in September that the tax reform legislation will propel the American economy like “rocket fuel.”
The economy continues to grow under President Donald Trump. American unemployment claim benefits remain at a record 17-year low and American consumer sentiment reached its highest level since 2000.
President Trump tweeted on Tuesday, “Companies are giving big bonuses to their workers because of the Tax Cut Bill. Really great!”