Multiple companies announced Wednesday they plan to reward employees with higher wages and bonuses due to the tax bill passed by the Republican-led Congress.
Wells Fargo, Boeing, Fifth Third Bancorp, and Comcast each announced additional investments and attributed the changes to the tax reform legislation.
The announcements follow that of AT&T, which said earlier Wednesday it plans to award $1,000 bonuses to 200,000 union-represented, nonmanagement, and front-line management employees once President Trump signs the tax bill. The telecom company also said it will invest $1 billion in the U.S. next year.
Wells Fargo said it would raise its minimum wage for employees from $13.50 an hour to $15 an hour, and also committed to making $400 million in donations to community and nonprofit organizations next year.
The increased hourly wage will take effect in March.
“We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners,” Wells Fargo CEO Tim Sloan said.
Fifth Third Bancorp also said it will raise its minimum wage to $15 an hour and award its more than 13,500 employees with a $1,000 one-time bonus.
The company said nearly 13,000 hourly employees will see their wages increase once the tax bill is signed into law. Fifth Third Bancorp expects the bonuses to be awarded by the end of the year if Trump signs the legislation before Christmas.
According to Fifth Third Bancorp, 75 percent of its employees will either see their pay increase or receive a bonus.
“We want to invest in our most important asset — our people,” Fifth Third CEO Greg Carmichael said. “Our employees drive our reputation, our business, and our success.”
Boeing, meanwhile, announced plans to commit $300 million to employee and charitable investments, which includes $100 million for corporate giving and $100 million for workplace development.
The last $100 million is devoted to “workplace of the future” facilities, as well as improvements for infrastructure for its employees.
Dennis Muilenburg, CEO of the aerospace giant, praised Congress and the Trump administration for their work on the tax bill.
“It’s the single-most important thing we can do to drive innovation, support quality jobs, and accelerate capital investment in our country,” he said.
More than 100,000 frontline and non-executive employees at Comcast will also receive $1,000 bonuses, the company announced.
Comcast CEO Brian Roberts attributed the bonuses to the tax reform bill, as well as the Federal Communications Commission's vote last week to roll back net neutrality rules.
The company also expects to invest $50 billion in infrastructure over the next five years.
The Senate passed the tax bill late Tuesday night, and the House approved the proposal for a second time Wednesday.
Republicans then gathered at the White House to celebrate the bill’s passage.
The White House has not yet announced when Trump will sign the legislation into law.