WASHINGTON, D.C.— It’s another sunshine day in America as it begins to dawn on the doubters that tax reform is causing our economy to glow with SunTrust becoming the latest company to announce their plans to rayse the minimum wage for their workers and increase community investments as a result of the Tax Cuts and Jobs Act being signed into law.
The highlights:
- $50 million in additional community grants to national and local financial well-being efforts
- Minimum wage increase to $15 per hour
- Merit base pay increases for certain other hourly teammates (about 20 percent of workforce)
- A one percent 401(k) contribution to retirement savings for all teammates, in addition to the company’s six percent match opportunity
- $1,000 financial incentive for all teammates that complete the SunTrust Momentum onUp financial fitness program.
To see the growing list of companies increasing wages, investments, jobs, and bonuses because of the Tax Cuts and Jobs Act, click here.