(Photo Credit: Glassdoor)
Manufacturers are using their tax reform savings to boost their businesses, invest in their workforce and expand their facilities—just as manufacturers promised they would. Just this week, Carpenter Technology announced that it will invest $100 million in its Pennsylvania manufacturing facility thanks to help from the tax reform law, while spice manufacturer McCormick & Co detailed plans to award bonuses and wage increases to employees with its savings.
This week, Georgia-based cable and wire manufacturer Southwire announced—thanks to the tax reform law—that it is investing $9 million in its workforce, including bonuses to its employees, an expanded parental leave policy and a scholarship program for hourly workers:
Electrical wire giant Southwire said Monday it will pay out $9 million in bonuses and benefits to employees thanks to tax reform.
Carrollton, Ga.–based Southwire Co. said full-time employees in the United States, not including executives and upper management, will each receive a $1,000 bonus, and full-time employees outside of the U.S. will receive an equivalent supplement. Part-time employees will get $250 bonuses or an international equivalent. The majority of Southwire’s nearly 7,500 employees will receive payments, the company said.
Southwire said it will also expand its parental leave policy. In addition, it will also offer a bridge scholarship program for eligible hourly employees seeking to further their education through a two-year degree, four-year degree or technical certification.
Southwire isn’t the only Georgia-based company to pass on tax reform benefits to its employees. UPS, Home Depot and Georgia Power have also announced new investments and savings due to tax reform this year.
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