Following the footsteps of other major corporations, Wells Fargo and Fifth Third BankCorp praised the Republican tax reform plan Wednesday hours after the bill passed through congress.
Fifth Third Bancorp and Wells Fargo announced they wold be raising the minimum wage for their workers to $15 an hour, giving credit to the Tax Reform plan that will lower corporate tax rates.
Wells Fargo, the largest money-lender in the U.S. also said they would be donating $400 million to community and nonprofit organizations in 2018, following the announcements by the aerospace company and defense contractor Boeing, who announced they would be donating $300 million for charitable projects, employee training and education, and facilities improvements for Boeing locations.
Fifth Third, which is the fifteenth largest U.S. bank by asset size, said the tax cut allowed the company to re-evaluate their employees salaries. Along with the raise, Fifth Third said they will distribute a one-time bonus of $1,000 to more than 13,500 employees. (RELATED: More Businesses Celebrate Tax Reform By Investing In Employees)
The employee bonuses will be sent out over the holidays if President Donald Trump signs the bill into law before Christmas.
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