(Photo Credit: Flickr/Central Texas Food Bank/CC BY-ND 2.0)
Major U.S. companies such as Home Depot and Best Buy have announced bonuses for employees in recent weeks following the passage of the Tax Cuts and Jobs Act. Food manufacturer Tyson Foods is the latest to join the list.
Tyson Foods announced this week that it plans to award bonuses ranging from $500 to $1,000 to more than 100,000 employees, citing savings from tax reform:
Arkansas-based Tyson Foods Inc. says more than 100,000 employees will receive bonuses as a result of company savings due to the overhaul of federal tax laws.
Tyson said Thursday that full-time employees who do not receive an annual bonus will get $1,000, and part-time workers who receive no annual bonus will get $500.
“These team members are the backbone of our business,” Tyson Foods CEO Tom Hayes said in an email to company employees.
Tyson Foods said it expects to save more than $300 million in taxes due to changes in the law. In addition to the bonuses, Tyson Foods will also boost spending on education, including English as a second language education, and accelerate capital projects to strengthen operations in the United States.
“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,” Hayes said.
Manufacturers promised that sweeping changes to the nation’s tax code would allow them to both expand their businesses and invest more in their workforce. So far in 2018, manufacturers in the United States have kept their promise.
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