Aflac Incorporated announced Thursday it would be increasing its retirement contributions to employees and making additional investments in the United States due to the tax bill passed by the GOP-led Congress last week.
The insurance company said beginning next year, it will increase its 401(k) match from 50 percent to 100 percent on the first 4 percent of employee contributions and will also contribute $500 to each employee’s 401(k) plan.
Aflac also pledged to boost its investment in the U.S. by $250 million over the next three to five years by growing its U.S. operation and expanding benefits and training programs for workers.
“We are pleased that these tax reforms provide Aflac with an opportunity to increase our investments in initiatives that reflect our company values; providing for our employees in the long and short term, ensuring growth for our company and giving back to the community,” Aflac CEO Dan Amos said.
Aflac joins a host of companies who announced additional benefits to employees after Republicans passed its bill reforming the tax system last week.
AT&T and Fifth Third Bancorp said they each would be rewarding employees with a one-time $1,000 bonus once President Trump signed the tax bill.
Others, including Fifth Third Bancorp and Wells Fargo, said they would be raising their minimum wages to $15 an hour.