Drugstore says its "windfall" from the Republican tax break is letting it reward employees.
National drug store chain CVS says it’s hiking its starting wage for hourly workers and introducing a comprehensive paid family leave package for employees as a result of the Republican tax cuts which passed late last year.
CVS announced Thursday that its quarterly earnings were better than expected, according to CNBC, and as a result, the company is making big changes to its policies for all of its 240,000 part- and full-time workers.
The retailer will hike its minimum, starting hourly wage from $9 to $11 across the board, even in states where $11 greatly exceeds the local minimum wage.
For full-time employees, including pharmacy employees, those in upper management, and employees of CVS’s extensive mail-order and corporate drug supply businesses, CVS is introducing a four-week family leave program where employees can take up to a month of paid time off after the birth or adoption of a child.
CVS also says it will maintain its health care contributions, rather than decreasing them.
In addition, CVS says it will put much of the benefit it sees from the tax plan back into the the company, improving data analytics for the pharmacy aspect of its business, and introducing new management plans and “pilot programs.”
CVS is the latest in a line of companies offering wage hikes, bonuses, and other rewards to employees as a result of Trump’s tax reform plan. The new CVS minimum wage will match that of Wal-Mart, which said it was hiking its own starting pay last month.
Source : dailywire.com