When Senator Portman and others crafted the Tax Cuts & Jobs Act, they set out to accomplish two big goals: to encourage economic growth and investment, and to put more money in the pockets of American families. With recent announcements from major businesses across the country, we know that both of those things are happening.  Beginning last week, millions of American saw bigger paychecks due to the tax reform legislation, and millions more will soon see a spike in take-home pay as their employers work to implement the new withholding rules, which were expedited at Portman’s urging. In addition, Ohio’s major private-sector employers are responding to tax reform by investing more in plants and equipment, raising wages, paying bonuses, and strengthening retirement benefits. Here is a look at recent announcements from Ohio’s major private-sector employers:

  • Walmart is Ohio’s largest employer, employing more than 50,000 Ohioans. Walmart announced plans for a base wage increase for all hourly employees to $11 from $10; bonuses of up to $1,000; expanded maternity and parental leave; and $5,000 for adoption expenses.
  • JPMorgan Chase employs 21,000 Ohioans. JPMorgan Chase announced plans for a base wage increase for 22,000 employees, to a range of $15 to $18 per hour; 4,000 new jobs added; 400 new branches; increased charitable donations; and increased small business lending.
  • Nationwide Mutual Insurance employs 15,000 Ohioans. Based in Columbus, Nationwide announced plans to increase 401(k) matching contributions for 33,000 employees and give $1,000 bonuses to 29,000 employees across the country.
  • UPS employs 14,000 Ohioans. The company announced $12 billion in new capital investments, including new aircraft and equipment, as well as a $5 billion contribution to its employee pension plan.
  • Home Depot employs 12,000 Ohioans. Home Depot will give bonuses for all hourly employees, up to $1,000.
  • Lowe’s employs 11,800 Ohioans. Lowe’s announced bonuses of up to $1,000 for 260,000 employees nationwide; expanded benefits and maternity/parental leave; and $5,000 of adoption assistance.
  • Fifth Third Bank employs 8,800 Ohioans. Based in Cincinnati, Fifth Third announced it will increase its base wage to $15 for its nearly 3,000 hourly employees, while also rewarding $1,000 bonuses for 13,500 employees.
  • CVS employs 7,600 Ohioans. CVS announced that are increasing the starting wage for hourly employees to $11 an hour and upwardly adjusting the pay ranges and rates for othe retail hourly employees. They also announced four weeks of fully paid parenal leave for employees welcoming a new baby into their home. 
  • Cintas employs 38,000 people, including thousands of Ohioans. They announced bonuses for 38,000 employees; $1,000 for employees of at least a year, and $500 for employees of less than a year.
  • AT&T employs 7,000 Ohioans. AT&T announced it will give $1,000 bonuses to its 200,000 employees and a $1 billion increase in capital expenditures.
  • PNC employs 7,000 Ohioans. PNC announced it will give $1,000 bonuses to 47,500 employees; an additional $1,500 in employee pension accounts; base wage hike to $15 per hour; and a $200 million charitable contribution.
  • Charter Communications employs 7,000 Ohioans. The company raised its base wage to $15 per hour and committed to hire more than 20,000 employees by 2020.
  • Fiat Chrysler employs 6,130 Ohioans in Toledo and Perrysburg. The company announced it will give $2,000 bonuses for 60,000 employees, invest $1 billion at a new truck factory in Michigan, and add 2,500 new jobs.
  • KeyCorp employs 5,900 Ohioans. Based in Cleveland, KeyCorp announced it will raise the base wage and increase employee retirement plan contributions.
  • U.S. Bank employs 5,280 Ohioans. U.S. Bank announced $1,000 bonuses for 60,000 employees; base wage hike to $15 per hour; and a $150 million charitable contribution.
  • FedEx employs 4,700 Ohioans. FedEx committed more than $3.2 billion in wage increases, bonuses, pension funding, and at least $1.5 billion in capital expenditures.
  • Verizon employs 3,800 Ohioans. Verizon announced that non-executive employees will receive 50 shares of restricted stock.
  • 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. The bonuses were directed to all of its more than 3,000 employees nationwide, except for senior management.
  • Best Buy employs 3,000 Ohioans. They announced $1,000 bonuses for full-time employees and $500 bonuses for part-time employees. More than 100,000 employees will receive bonuses.
  • Anthem employs 3,700 Ohioans. The company announced that it will contribute $1,000 to the 401(k) accounts for each of its more than 58,000 associates and recent retirees. It is also investing tax reform savings in other efforts to reduce the cost of healthcare and benefit consumers and shareholders.
  • Steris employs 1,500 Ohioans. The company announced it would award bonuses of $1,000 to all U.S. employees other than senior executives. 

Tax reform is helping employers of all sizes. Small businesses in Ohio—like Sheffer Corporation in Cincinnati, Wolf Metals in Columbus, Tremco in Cleveland, and Bruns General Contracting in Tipp City, where Portman visited in January—are now able to invest more in their plant, equipment, and workers. Tax reform is also helping distressed communities in Ohio, the state’s thriving craft brewing industry and more, and this is just the beginning.

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