CVS Latest Company To Hike Wages After Tax Reform
CVS is the latest company to announce higher wages and better benefits for its 240,000 employees thanks to tax reform.
CVS will raise the minimum wage for starting employees from $9 per hour to $11 per hour and will adjust pay rates for pharmacy technicians, front store associates and other hourly retail employees, reports CNBC. Additionally, full-time employees will now qualify for up to four weeks of paid parental leave.
The employee investments will total about $425 million each year and the company expects to also spend about $275 million of their tax windfall on other business investments.
CVS is just one of many large retailers to announce better pay and benefits for workers as a result of the GOP-led tax reform bill.
Walmart announced in January that they would raise the employee minimum wage to $11 per hour and give employees a one-time bonus. American Airlines, AT&T, Bank of America, Comcast, JetBlue, and dozens of other companies all promised to give employees a $1000 bonus with their windfalls.