Ohio Companies Respond to Tax Reform Law With More Investment & Benefits for Workers
Just weeks after the historic Tax Cuts & Jobs Act was signed into law, Ohio companies are beginning to respond by announcing more investment in plants and equipment, wage increases, bonuses, and higher 401(k) matches. This is exactly what Senator Portman and others had in mind when they passed long-overdue tax reform legislation designed to encourage more economic growth, investment and more money in the pockets of Ohio families. Here is a look at how Ohio companies have reacted in the last couple weeks to the passage of the tax reform legislation:
- Sheffer Corporation, located in Cincinnati, announced new investments in its plants and equipment and that all 126 employees will be given $1,000 bonuses with the money the business expects to save as a result of the recently-signed tax reform law. Portman visited the company and joined in the announcement in early January, and again with President Trump in February.
- Wolf Metals, located in Columbus, announced that the business plans to purchase new equipment as a result of expected savings from the recently-signed legislation. Plant ownership expects employees to get bonuses based on the use of the new and more efficient machines. Portman visited the plant in January.
- Tremco, located in Cleveland, announced that they plan to increase and accelerate investments in equipment, hire new workers, and reinvest in its employees as result of tax reform. Portman visited the plan in January.
- Bruns General Contracting, located in Tipp City, announced their plan to invest more in equipment and vehicles and strengthen retirement benefits. Portman visited the plant in January.
- Fifth Third Bank, based in Cincinnati, announced it will increase its base wage to $15, which will affect nearly 3,000 hourly employees, while also rewarding $1,000 bonuses for 13,500 employees.
- Nationwide Insurance, based in Columbus, announced increased 401(k) matching contributions for 33,000 employees and $1,000 bonuses to 29,000 employees.
- Western & Southern Financial Group, based in Cincinnati, announced $2,000 bonuses to its full-time employees and $1,000 bonuses to its part-time employees as a result of the tax reform law. The bonuses were directed to all of its more than 3,000 employees nationwide, except for senior management.
- Fiat Chrysler Automobile announced plans to give more than 5,000 Ohio employees a bonus of $2,000 because of tax reform.
- First Financial Bancorp, based in Cincinnati, raised their base wage to $15 per hour and gave a $3 million charitable contribution.
- Cintas Corporation, based in Cincinnati, announced bonuses for 38,000 employees; $1,000 for employees of at least a year, and $500 for employees of less than a year.
- E-Cycle, located in Hilliard Ohio, paid out its largest bonus in company history because of tax reform. One-hundred percent of their hourly and salaried employees participated in this bonus program of over $350,000. They also gave an additional $1,000 tax reform bonus for all of our 55 employees.
- First Federal Community Bank, based in Dover, announced $1,000 bonuses for full-time employees; $500 bonuses for part-time employees; and increased charitable contributions.
- Jergens, based in Cleveland, announced that they will double the annual rate increases that they provide to their employees.
- KeyCorp, based in Cleveland, announced it will raise the base wage and increase employee retirement plan contributions. They have 5,900 employees.
- Staub Manufacturing, based in Dayton, announced that 37 employees received higher Christmas bonuses because of tax reform.
- Coach, Truck & Tractor, LLC, located in Conneaut, announced higher Christmas bonuses thanks to tax reform for all seven employees.
- Walmart, Ohio's biggest employer, announced plans to raise their minimum wage to $11 an hour for hourly employees. They are also giving employees a one-time bonus of up to $1,000.