Addessi Financial Partners, a Lutz-based financial services firm, is giving its 10 employees bonuses up to $1,000 because of the new federal tax overhaul. [Courtesy of Addessi Financial Partners]
Businesses are suddenly finding themselves with unexpected cash on hand thanks to the recent federal tax overhaul. And they’re making big promises for the money: employee raises, expansions, worker perks and other investments. While much of it is still talk, some Tampa Bay companies are putting their money where their mouth is.
Among them: Addessi Financial Partners, a Lutz-based financial services firm, is giving its 10 employees bonuses up to $1,000 based on their years of service at the company.
"It’s kind of a statement that you’re supporting the tax reduction and sharing the savings that business owners would have with their employees," CEO Michael Addessi said.
Some large bay area businesses, like Jabil, are still figuring out the impact and what they’ll do with their money. But there are plenty of national companies active in Tampa Bay who have already pledged to use their savings on workers and growth. Here’s a sampling:
JPMorgan Chase is boosting wages, opening new branches and hiring thousands of new workers, citing improved economic performance and sweeping changes to the U.S. tax code.
Wages will rise to between $15 and $18 an hour from a range of $12 to $16.50 an hour, impacting 22,000 employees, the bank said. Chase will also open 400 new branches and hire 4,000 people in its new U.S. markets, housing and small business divisions. Loans to customers seeking "affordable" homes will rise by 25 percent to $50 billion and the bank will boost philanthropy by 40 percent, to $1.75 billion over the next five years.
Chase said that about 1,300 employees in Florida will see an increase in wages as a result of the investment. That represents about 10 percent of its employee base statewide. The financial powerhouse has about 5,000 employees in the Tampa Bay area.
At Starbucks, all U.S. workers will receive pay raises and stock grants. Employees will soon be able to earn paid sick time off, and the company’s parental leave benefits will include all non-birth parents. Starbucks said the changes affect about 150,000 full-time, part-time, hourly and salaried employees, most of whom work as baristas or shop managers. The new benefits apply to workers at more than 8,200 company-owned stores but not at the 5,700 licensed shops like those found inside supermarkets.
The Walt Disney Co. will give more than 125,000 eligible employees a one-time $1,000 cash bonus and invest $50 million in an education funding program. The media company said the bonuses will go to all full and part-time non-executive employees, either hourly or salaried, who have been with the company since January 1, 2018, and are based in the U.S. Nearly 88,000 hourly employees will be eligible for the education program which will cover tuition costs.
PREVIOUS COVERAGE: Disney offering staff $1,000 bonuses, new education funding
Walmart, the world’s largest private employer, is boosting its starting salary for U.S. workers to $11 an hour, giving a one-time cash bonus of up to $1,000 to eligible employees and expanding its maternity and parental leave benefits. The retailer said changes to its compensation and benefits policy will impact more than a million hourly workers in the U.S. The company employs 1.5 million people in the U.S. The wage increase, up from $9 per hour for new workers, comes into play next month
PREVIOUS COVERAGE: Walmart employees to receive raises, and some may get $1K bonuses
Home Depot is awarding its hourly employees in the U.S. a one-time cash bonus of as much as $1,000 tied to passage of new tax legislation. The bonus amounts will be determined based on a person’s length of service. All of Home Depot’s U.S. hourly workers will get at least a $200 bonus, with the maximum payout of $1,000 for workers with at least 20 years tenure.