Apple is reportedly giving $2,500 bonuses to most global employees in stock units thanks to President Trump’s new tax law.
Bloomberg reports that Apple told employees on Wednesday that following the introduction of President Trump’s new tax law, employees will be receiving a bonus of $2,500 in stock units. The stock units will be issued to employees worldwide within the coming months according to sources familiar with the matter. This announcement comes shortly after the company agreed to move almost $200 billion in foreign cash to the U.S. thanks to the newly introduced GOP tax law. The company also announced that they would be investing $350 billion in the U.S. economy over the next five years.
The money invested by Apple over the next five years will fund additional technical support campuses, data centers and approximately 20,000 new employees in the U.S. The press release from Apple on the massive U.S. investment states:
Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers — an estimated $55 billion for 2018 — Apple’s direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.
According to sources, employees below the senior level of director will be eligible to receive stock units, Apple currently has 120,000 employees including those that work at the company’s retail stores. Apple is just one of 100 companies to give their employees up to $2,000 in bonuses following the implementation of Trump’s tax law. John Kartch, the vice president of communication at Americans for Tax Reform commented on the great boost in U.S. employee bonuses saying, “Small businesses from across the country are sending me news of their tax-cut bonuses, wage hikes, and charitable donations. Many of these were only announced internally. There is a broad and deep tsunami building.”
Apple has yet to respond to a request for comment from Bloomberg