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CVS Latest Company To Hike Wages After Tax Reform

(ShutterStock/Phillip Lange)

Amber Athey Podcast Columnist
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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.

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