Nearly every day another company publicly announces bonuses, wage increases or other kinds of benefits they’re offering employees since President Donald Trump signed tax reform into law on Dec. 22.
Big box behemoths like Walmart (WMT), tech giants like Apple (AAPL) and Yahoo Finance’s own parent company Verizon (VZ) are among the latest to claim that they’re reinvesting capital into their workforce because of the lower corporate-tax rate. The timing of these particular announcements indicates how corporations are trying to curry favor with Trump.
Companies have also been burying bad news amid the rollout of positive, splashy reports. The same day that Walmart announced a minimum wage hike, bonuses and expanded parental leave benefits, the company abruptly closed 63 Sam’s Club stores and laid off thousands of workers. 10 of the closed megastores will become e-commerce distribution centers. Similarly, AT&T (T) laid off 600 employees the same week it announced bonuses for 200,000 workers.
Companies lauding the tax plan
This corporate speak continues to trickle out of fourth-quarter earnings calls, but it remains uncertain just how material the impact of corporate tax reform will be for average employees.
Here’s a comprehensive list of companies and what they’re offering employees, post-tax cut, courtesy of Strategas Partners, Americans for Tax Reform and original reporting. Industries range from airlines to wineries, promising everything from $1,000 bonuses to planting more vines.
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1st Summit Bank: $1k bonuses to full-time employees; salary raises; increased charitable donations
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AAON: $1k bonuses for 2,000 employees
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AccuWeather: Year-end bonuses for 450-500 employees
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Advance Financial: increase in 401(k) match
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Aflac (AFL): Increase 401(k) match from 50% to 100% on the first 4% of compensation plus a one-time $500 contribution to every employee’s 401(k)
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Alaska Airlines (ALK): $1k bonuses for 22,000 employees
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Amarillo National Bank: $1k bonuses for 313 employees
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American Airlines (AAL): $1k bonuses for ~127,600 employees
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American Bank: $1k bonuses for 60 employees
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American Community Bank & Trust: $500 bonuses to all employees, hiring more employees
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American Express (AXP): Incremental investment in employee profit-sharing plans
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American Savings Bank: $1k bonuses for 1,150 employees, minimum wage increase to $15.25
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AndyMark: Hiring more employees
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Anfinson Farm Store: $1k bonuses, 5% pay raises for employees
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Apple (AAPL): $2,500 bonuses in restricted stock units, hiring 20,000 new employees
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Aquesta Financial Holdings: $1k bonuses for 95 employees, minimum wage increase to $15
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Associated Bank: $500 bonuses for all hourly employees, minimum wage increase to $15
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AutoNation: doubling 401(k) match, launch of cancer benefit program
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Ball Ventures: $100 bonuses for every year of employment
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BancorpSouth Bank: pay raises for ~70% of employees, bonuses for ~20% of employees
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Bank of Advance: $1k bonuses to all employees
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Bank of America (BAC): $1k bonuses for 145,000 U.S. employees
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Bank of Colorado: $1k bonuses to all full-time employees
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Bank of Hawaii: $1k bonuses for 2,074 employees, minimum wage increase to $15
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Bank of the James: Increase base wage to $15 for employees serving more than 1 year; increased employee vacation days
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Bank of the Ozarks: Incentive bonus plan for 2,300 employees of up to $1,200
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BB&T (BBT): $1,200 bonuses for 27,000 employees, minimum wage increase to $15
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Berkshire Hills Bancorp (BHLB): $1k bonuses to 1,000 employees, base wage increase to $15
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Best Buy (BBY): $1k bonuses for full-time employees, $500 bonuses for part-time workers
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Boeing (BA): $300 million for “workplace of the future” facilities, infrastructure, workforce development, charitable giving
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Cabot Oil & Gas: $1,600 bonuses for employees
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Camden National Bank: $1k bonuses to all non-executive full-time employees, $750 bonuses to part-time employees
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Canary LLC: Hire more employees
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Capital One (COF): Raising minimum wage to $15
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Cedar Rapids Toyota: $500 bonuses to full-time employees
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CenterState Bank: $1k bonuses to non-officer employees
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Central Bancompany: $1k bonuses to full-time employees, $500 bonuses for part-time employees
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Central Pacific Bank: $1k bonuses to 850 employees, minimum wage increase to $15.25
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Charlotte Pipe & Foundry Company: $1k bonuses to all 1,400 employees
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Charter Communications (CHTR): Raising base wage to $15
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Citizens Financial (CFG): $1k bonuses for 12,500 employees
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Clayton Distillery: Upgrade facilities
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College of the Ozarks: $204 bonuses for employees
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Comerica (CMA): $1k bonuses for 4,500 employees. base wage increase to $15
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Commerce Bancshares: $1k bonuses for 3,450 full-time employees; $250 bonuses for eligible part-time employees
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Community Trust Bancorp: $1k bonuses for full-time employees; $500 bonuses for part-time employees
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Copperleaf Assisted Living: $200-$600 bonuses for 175 employees
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Data Sales Co.: $1k bonuses for all 80 employees
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Dayton T. Brown: $400 bonuses for all 210 employees
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Delaware Supermarkets: $150 extra bonuses for 1,000 non-management personnel
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DePatco: Employee bonuses
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Dime Community Bank (DCOM): $1k bonuses for non-executive employees
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Discover Financial Services (DFS): Raising base wage to $15.25 for “virtually all” ~7,000 full-time employees
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Disney (DIS): $1k bonuses for 125,000 employees, $50M investment in employee education
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DTN: $1k bonuses to ~700 employees
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Eagle Ridge Ranch: Employee bonuses
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EastIdahoNews.com: Employee bonuses
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Elite Roofing Systems: Employee bonuses
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Elite Clinical Trials: Employee bonuses
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Emkay: $1k bonuses for all 150 full-time employees
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Employers Mutual Casualty Insurance: $1k bonuses for employees for those below the VP position
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Ennis: $500 bonuses for 2,200 non-management employees
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ES Bancshares: $500 bonuses to non-executive full-time employees, $250 bonuses to part-time employees, creating 10 new jobs
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Express Employment Professionals: $2k bonuses for ~200 non-executive employees
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FedEx (FDX): $3.2 billion in wage increases, bonuses, pension funding
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Fiat Chrysler (FCAU): $2k bonuses for 60,000 employees, creating 2,500 new jobs
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Fifth Third Bancorp (FITB): $1k bonuses for 13,500 employees, base wage rises to $15
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FireBird Bronze: Offering health insurance to its nine employees for first time, upgrading equipment, hiring
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First Bank and Trust Company: Base wage raised to $15
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FirstCapital Bank of Texas: $500 bonuses for 197 employees
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First Farmers Bank and Trust: $750 bonuses for full-time employees
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First Financial Bancorp: Base wage raised to $15
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First Financial Northwest: $1k bonuses to all 138 non-executive employees
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First Hawaiian Bank: $1,500 bonuses for 2,264 employees, base wage increases to $15
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First Horizon National Corp.: $1k bonuses for 4,000 employees
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First Merchants Corporation: $1 wage increase for hourly employees, $500 bonuses for full-time employees excluding senior management
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First Midwest Bancorp: Base wage increase to $15, $1,035 bonuses for 85% of employees
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First National Bank: $1k bonuses for its 44 employees
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Fishbeck, Thompson, Carr & Huber engineering: $1,500 bonuses to all 400 employees
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Flemington Car & Truck: $500 employee bonuses
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Flushing Financial Corporation (FFIC): $1k bonuses for full-time employees, $500 bonuses for part-time employees
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FNB Corporation (FNB): Extra 401(k) contributions totaling $1M, base wage raised to $15
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Fort Ranch: Employee bonuses
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Fulton Financial Corporation (FULT): Base wage raised to $12, bonuses in form of additional week of pay for 2,775 employees
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Gardner Company: Employee bonuses
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Gate City Bank: $1k bonuses for 538 non-management personnel
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Great Southern Bancorp (GSBC): 1,200 employees receive bonus (full-time get $1k, part-time get $500)
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Great Western Bancorp (GWB): Base wage raised to $15, $500/wage increase for 70% of workforce
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Group 1 Automotive (GPI): $500 cash bonuses for non-management dealership employees
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Gulf Coast Bank & Trust: Increase base wage to $12
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HarborOne Bank: $500 bonuses for 600 employees, base wage raised to $15
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Hartford Financial Services Group (HIG): $1k bonuses for 9,500 employees
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Hawaii National Bank: $1k bonuses
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Heartland Bank: $1k bonuses for full-time non-executive employees, $500 bonuses to part-time employees
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Home Bancshares (HOMB): $500 bonuses for 850 employees
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Home Depot (HD): Up to $1k bonuses for all hourly employees
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HomeStreet (HMST): Base wage increased to $15
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IAT Insurance Group: $3k bonuses for 685 non-executive employees
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INB Bank: $500 bonuses to 200 employees (excludes senior management), base wage raised to $15
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Jordan Winery: $1k bonuses for each of its 85 employees
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JPMorgan Chase (JPM): 22,000 employees will get base wage raised from $12-$16.50 up to $15-$18, opening up 400 new branches, hiring 4,000 new employees
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Kalb Industries of Nevada: Pay raises for employees who have been with the company for 3+ months
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Kansas City Southern: $1k bonuses to eligible employees
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Kauai Cattle: Employee bonuses
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KeyCorp (KEY): Raise base wage, increase retirement plan contributions (impacts >80% of workforce)
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Kish Bancorp: $1k bonuses for full-time employees, $500 bonuses for part-time employees
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Lawrence Paper Company: $500 bonuses for all 300 employees
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M&T Bank Corporation (MTB): Base wage raised to $14/$16 (based on location), employees receive 40 hours of paid time annually for volunteer activities
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MainSource Financial Group (MSFG): Base wage raised to $15
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MB Financial: Base wage raised to $15
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Melaleuca: $100 bonuses for each year worked for 2,000 employees
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Meridian Bancorp (EBSB): Base wage raised to $15, additional 20% added to exiting bonuses, six new branch locations
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Mid-AM Metal Forming: Bonuses for all 140 employees
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MusicNotes: 3% salary increase for all 55 employees
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National Bank Holdings Corporation: $1k bonuses for employees earning <$50k
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Nationwide: $1k bonuses for 29,000 employees, increased 401(k) matching contributions
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Navient (NAVI): $1k bonuses for ~6,566 employees (98% of total)
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Nelnet: $1k bonuses for 4,100 employees
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Nephron Pharmaceuticals: 5% raise for its 640 employees
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NexTier Bank: $1k bonuses for all employees, tuition reimbursement on job training
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Nexus Services: 5% raise for all employees, hiring 200 more workers in 2018
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Northpoint Apartments: Employee bonuses
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OceanFirst Financial (OCFC): Increase base wage to $15
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Ohnward Bancshares: $1k bonuses for all 260 employees
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Old Dominion Freight Line: $500 bonuses for all 22,000 employees
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Peoples Bank (Washington): Base wage raised to $15, 401(k) match increased one point to 8%
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Peoples Bank (Arkansas): $500 bonuses
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Pinnacle Bank: $1k bonuses for 1,007 employees
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Pioneer Credit Recovery: $1k bonuses for 800 employees
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PNC Financial Services Group (PNC): $1k bonuses for 47,500 employees base wage hike to $15
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Regions Financial Corporation (RF): Increase base wage to $15
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RGF Environmental Group: $1k bonuses
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Royal Hawaiian Heritage Jewelry: Open more stores, hire more employees
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Rush Enterprises: $1k bonuses for all 6,600 employees
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Russell Lands: $500 bonuses for ~400 full-time non-management staff
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Sheffer Corporation: $1k bonuses for all 126 employees
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Sinclair Broadcast Group: $1k bonuses for 9,000 employees
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South Point Hotel, Casino & Spa: Doubling bonuses for 2,300 employees ($500-$2300 range)
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Southwest Airlines (LUV): $1k bonuses for 55,000 employees
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Spellex Corporation: $1k bonuses for all 26 full-time employees
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Starbucks (SBUX): Wage increases, stock grants to eligible employees, expanded family sick time and parental leave benefits, creating 8,500 new jobs
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State Street Corporation (STT): Improve employee retirement benefits, training
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Stifel Financial (SF): $1,500 bonuses for 7,000 employees
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Summit State Bank: $2k bonuses for 78 non-executive employees
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SunTrust Banks (STI): $1k incentive for employees that complete company’s financial fitness program, base wage raise to $15
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Synovus Financial Corporation: $1k bonuses to all non-executive employees
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TCF Financial: $1k bonuses for full-time employees; $500 bonuses for part-time employees
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The Flood Insurance Agency: $1k bonuses for 17 full-time employees
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Thermo Fisher Scientific (TMO): $500 bonuses
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The Travelers Companies (TRV): $1k bonuses for 14,000 employees, base wage raised to $15
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Territorial Savings Bank: $1k bonuses for 247 employees, base wage hike to $15
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Texas Capital Bank: $1k bonuses for 900 employees
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Tiffany & Co. (TIF): Increased spending in tech, marketing communications, visual merchandising, digital & store presentations
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Total System Services (TSS): $1k bonuses for 11,500 employees
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Turning Point Brands: $1k bonuses for 107 employees
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United Bank & Trust: Salaries & hourly employees receive raise of $100/month
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Unity Bank: $750 bonuses for all employees except executive management
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US Bancorp (USB): $1k bonuses for 60,000 employees
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Verizon: non-executive employees receive 50 shares of restricted stock
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Visa (V): increased contributions to employee 401(k) accounts
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Walmart (WMT): Increase starting wage to $11; expand maternity and paternal leave benefits; one-time cash bonus for eligible associates of up to $1k
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Washington Federal: Provide 5% increase in addition to normal merit increase for employees earning <$100k; invest in employee training programs
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Washington Trust Bancorp: $1k bonuses for full-time employees, $500 for part-time employees
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Waste Management (WM): $2k bonuses to 34,000 eligible employees
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Webster Financial Corporation: Base wage raised to $15, $1k bonuses to full-time employees below VP level
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Wells Fargo (WFC): Increase base wage from $13.50 to $15
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Western & Southern Financial Group: $2k bonuses for full-time employees, $1k bonuses for part-time employees
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Western Alliance Bancorporation: Increase wages 7.5% for the lowest-paid 50% of employees
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White Pine Winery: Planting more vines
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Windsor Federal: $250 bonuses for employees except senior management
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YAM Worldwide: $2k bonuses for 595 employees who have been with the company for 6+ months, $1k bonuses for 131 employees who have been with company for <6 months
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Yancey Bros.: $500 bonuses for all 1,200 employees
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Zions Bancorp (ZION): $1k bonuses for 80% of employees