Chipotle announced on Wednesday that they will give their employees bonuses up to $1,000 and other worker-related benefits thanks to tax reform.
Steve Ells, Chipotle chairman and chief executive, said, “We have always been proud of our ability to attract and retain top talent who share our passion for cooking delicious food by hand and creating an extraordinary guest experience. We’re giving back to these committed, motivated, and hardworking team members who have made Chipotle what it is today.”
“We have always been committed to making Chipotle a great place to work with excellent compensation and benefits,” said Ells. “With these expanded offerings, we’re thanking our employees for their hard work and dedication to our company.”
Chipotle will offer its 71,000 employees up to $1,000 in bonuses; hourly staffers can earn $250 bonuses, while managers can earn $1,000 bonuses. Hourly staffers will be eligible for additional parental leave, while hourly restaurant managers will be eligible for life insurance and short-term disability insurance coverage.
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 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.
“This $12 billion investment program is an outgrowth of the opportunity for tax savings created by the Tax and Jobs Act,” said David Abney, UPS chairman and chief executive. “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.”
C. Dean Metropoulos, the Hostess Brands executive chairman, said in a letter to employees:
The recent tax reform changes have given us the opportunity to review our benefit and compensation structure with an eye toward further investing in our workforce — our extraordinary team of employees who have and continue to help make Hostess so successful. As we have done in the past, the company’s management and board take great pleasure in sharing the company’s success with our employees.
A new poll form UBS Wealth Managment Americas revealed that business executives overwhelmingly approve of President Donald Trump’s tax cuts and infrastructure plan.
President Donald Trump tweeted on Monday, “Thanks to the historic TAX CUTS that I signed into law, your paychecks are going way UP, your taxes are going way DOWN, and America is once again OPEN FOR BUSINESS!”
Thanks to the historic TAX CUTS that I signed into law, your paychecks are going way UP, your taxes are going way DOWN, and America is once again OPEN FOR BUSINESS! pic.twitter.com/GISFbDDGXX
— Donald J. Trump (@realDonaldTrump) February 5, 2018