Add Starbucks to the ever-growing list of companies seeking to invest in their workers after the signage of the Tax Cuts and Jobs Act. The company announced today in a press release that they would commit to $250 million in “stock, wages and a new Partner and Family Sick Time” for their employees:
” . . . Starbucks Coffee Company (NASDAQ: SBUX) today announced a series of new partner (employee) offerings that span across wage and benefits. These offerings will total more than $250 million for more than 150,000 partners and are accelerated by recent changes in the U.S. tax law.”
Higher wages and increased access to paid family leave are goals shared by many Democrats and Republicans alike. The difference between the two? The GOP’s economic policies actually produce results.
Want more proof? JPMorgan Chase announced yesterday their plan to roll out “a $20 billion, five-year comprehensive investment to help its employees, and support job and local economic growth in the United States.”
Some of the takeaways, according to their press release, include raising wages for 22,000 employees, opening 400 new branches, and hiring 4,000 new employees.
President Trump signed the Tax Cuts and Jobs Act on December 22 of last year. That’s a mere month ago. There are surely more company announcements of this nature to come.