First Farmers Bank and Trust (FFBT) announced on Tuesday that they will raise wages, distribute bonuses, and invest in their community after President Donald Trump signed the Tax Cuts and Jobs Act.
“With this special opportunity, we are pleased to further our commitment to our community and to our people. Since 1885, First Farmers has prided itself in supporting the communities in which we serve and our employees are the primary reason for our corporate success and growth,” First Farmers Bank and Trust President Gene Miles said in a statement.
The bank announced that they will raise their hourly starting wage by $2.50 for new employees and they will also give a year-end bonus of $750 to all full-time FFBT staffers. FFBT also revealed that they will invest a minimum of $250,000 every year to community development and support of local bank branch markets; the bank will also invest over $150,000 every year to staffers for employee development and education.
Several other American corporations announced that they will also invest in their employees, give their workers bonuses and wage hikes, and invest in America.
Comcast announced after the Tax Cuts and Jobs Act passed in December that they will distribute $1,000 bonuses to more than one hundred thousand frontline and non-executive employees and invest more than $50 billion in infrastructure over the next several years as a result of Republicans passing tax reform.
Fellow bank Wells Fargo also announced that they will raise their staff minimum wage to $15 an hour and would also target $400 million in donations to community and non-profit organizations next year thanks to the Republican tax bill.
Fifth Third announced that they will raise their minimum wage for employees to $15 an hour and distribute a $1,000 bonus to more than 13,500 employees this Christmas season.
AT&T announced last Wednesday that they will distribute more $1,000 bonuses to more than 200,000 of their employees and invest more than $1 billion next year in their domestic business.
Boeing told their employees last Wednesday that they will invest more than $300 million on workers and charitable donations thanks to the Republican tax proposal.
The University of Michigan revealed that American consumer sentiment has reached its highest level since 2000.
President Donald Trump tweeted on Wednesday, “All signs are that business is looking really good for next year, only to be helped further by our Tax Cut Bill. Will be a great year for Companies and JOBS! Stock Market is poised for another year of SUCCESS!”