The economy under President Donald Trump and the Republican-controlled Congress is firing on all cylinders. Immediately following the passing of the GOP tax plan in the House, numerous businesses announced plans to grow their companies and compensate their employees with bonuses and higher wages due to the newly freed-up cash.
One of the latest businesses reacting to the GOP tax plan is retail giant Walmart, which announced on Thursday that it will increase their minimum wage and hand out bonus checks to their hourly workers. U.S. employees of Walmart will now see their hourly wage kicked up to $11 an hour, and workers will also be receiving bonus checks of up to $1,000.
The retail chain is also bolstering their maternity perks; full-time hourly workers will receive 10 weeks at full pay, as opposed to the six to eight weeks at half pay they’re currently awarded. Moreover, new fathers and “non-birthing” mothers will receive paid leave for the first time: six weeks at full pay.
“Walmart also said it would offer financial help to full-time hourly and salaried employees who are seeking to adopt children,” notes USA TODAY.
Walmart is the nation’s largest private employer, providing employment to over 1 million Americans.
“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” said Walmart CEO Doug McMillon. “It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”
The corporate tax cut “gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.,” he added.
Under the GOP tax plan, Walmart will be seeing their corporate tax rate fall from 35% to 21%.
Workers’ wage hikes will go into effect in February, reports USA TODAY. “Walmart said the one-time bonuses would cost the company $400 million and will be based on length of service. Employees who have worked for at least 20 years will get the full $1,000.”
More on the Trump economy:
TRUMPONOMICS: Pepco To Lower Utility Bill For 300,000 Because Of GOP Tax Cut
INSTANT BOOM: American Businesses Announce Major Bonuses For Employees Because Of Trump Tax Reform