Insurance giant MetLife announced on Monday that it will institute a $15 minimum wage and invest $10 million in its workforce as a direct result of the GOP tax reform.
Steven A. Kandarian, MetLife Chairman, President, and CEO, 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.”
According to Breitbart, the company 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.
From the moment the Tax Cuts and Jobs Act was put into effect, the condition of the American worker has evidently improved.
On Wednesday, Chipotle announced that they will give its staff bonuses up to $1,000 and other worker-related benefits as a result of the tax reform.
UPS, Cigna, and Hostess Brands have also declared they will make additional investments due to the tax plan. David Abney, UPS chairman and CEO, 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.
On Sunday, Trump announced that “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.”
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.
— Donald J. Trump (@realDonaldTrump) February 11, 2018