WASHINGTON, D.C.— Looking for some eggs-cellent news to crow about this morning? Thanks to the Tax Cuts and Jobs Act, Tyson Foods, Inc. is announcing big new investments in employee bonuses and training, as well as sustainability:
- A $1,000 or $500 bonus to more than 100,000 of its full-time team members and part-time team members, respectively
- Investing more funds in training, education and development opportunities for its team members
- Increasing spending on projects to shrink its environmental footprint and increase access to sustainable food globally
It’s clear that American businesses now feel free range to grow and are rewarding their employees with bonuses, pay raises and benefits, and investments in their communities. As Tyson’s CEO Tom Hayes said, “we’re investing our federal tax reform savings in the areas we believe will make the biggest difference, including our team members and capital projects.”
This may ruffle some feathers, but it’s worth pointing out that Democrats cried fowl, claiming tax cuts would mean “Armageddon,” a “plunder[ing] of the middle class,” “one of the greatest robberies in American history,” harming children like “Tiny Tim,” tens of thousands more Americans dying each year, and a “heist that would steal from millions of middle-class families.”
But instead, the eggs-act opposite happened, and so far more than 300 companies have announced more than $3 billion in bonuses to more than 3 million Americans, while 9 of every 10 American workers this month began seeing higher take-home pay thanks to theTax Cuts and Jobs Act.
Meanwhile, former Speaker Nancy Pelosi still calls bonuses and pay-raises for working Americans “crumbs” – but any working Americans knows that bonuses ranging into the thousands of dollars aren’t chicken feed, and that cash is a big help to families working to grow a nest egg.
Will Democrats finally admit that their Chicken Little rhetoric was wrong and irresponsible, or will they keep trying to convince Americans that the sky is falling?
Read Tyson’s full announcement below or by clicking here. And we’ll continue to beat the drumstick and keep you abreast of all the companies investing back in their workers atMajorityWhip.gov/TaxReformWorks
Tyson: We’re Investing in Our People
Tom Hayes, President and CEO
Yesterday, I shared with the team our plans for investing our tax savings, including our plan to provide one-time bonuses to frontline workers whose compensation does not include an annual bonus. These employees are the backbone of our business and we’re happy to show them our appreciation. Here’s the email I shared with them.
Together, we’re focused on growing our businesses. We want to sustainably feed the world with the fastest-growing protein brands, and we’re making progress every day. We also strive to do good. It’s the right thing to do – and frankly, it makes good business sense.
That’s why we’re investing our federal tax reform savings in the areas we believe will make the biggest difference, including our team members and capital projects.
With the more than $300 million in savings we expect to receive, we will:
- Provide a one-time bonus to more than 100,000 team members whose compensation does not include an annual bonus. Eligible full-time team members will receive $1,000, and eligible part-time team members will receive $500. These team members are the backbone of our business and can expect to hear more details from their leadership soon.
- Focus funds on innovation and other initiatives such as enhancing the training, education and development opportunities that all team members receive, so you have the tools you need to advance within Tyson Foods and achieve your potential. For one, we’ll be increasing our investment in our Upward Academy program, an initiative that helps new workers with life skills, including English as a Second Language and General Educational Development (GED) classes.
- Accelerate capital projects that strengthen our operations and plant communities around the U.S. As part of this investment, we will move faster on sustainability and animal well-being initiatives, shrinking our environmental footprint, protecting the animals in our care and giving the world’s growing population greater access to sustainable food.
We believe this plan makes the most of the opportunity in front of us and will accelerate the significant progress we’ve already made across the business. Thank you for everything you’ve already done, and everything you will do, to contribute to our success. When it comes down to it, I’ve never been more confident in our ability to raise the world’s expectations for how much good food can do.
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