MetLife plans to increase its minimum wage and create new benefits for employees due to the tax reform package passed by Congress and signed into law last year, the company announced Monday.
The financial services company will establish a new company minimum wage of $15 an hour, as well as a new group life insurance benefit of $75,000, regardless of an employee’s pay. MetLife is also creating a $10 million skills development fund designed to “accelerate a culture of learning and innovation.”
“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,” MetLife CEO Steven Kandarian said in a statement. “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.”
MetLife is one of at least 300 companies that have introduced new benefits for employees, changes attributed to the Tax Cuts and Jobs Act.
The tax reform bill passed the GOP-led Congress late last year and was signed into law by President Trump just before Christmas.