Aquesta Bank Gives Out $1K Bonuses, Hikes Minimum Wage After New Tax Cuts
Many companies are offering bonuses, pay raises and other benefits to employees following the passing of the Republican tax overhaul.
One of those companies is North Carolina-based Aquesta Bank, which is giving a $1,000 cash bonus to all employees and increasing the minimum wage to $15 per hour.
Speaking from Charleston, S.C., Aquesta CEO Jim Engel explained on "Fox & Friends" that the tax bill is great for their shareholders and customers, so they wanted to ensure it is also great for everyone at the company.
"We would not have grown from basically a concept 11 years ago to $400 million today without just great employees. Because of that, when the tax reform act was passed, we wanted to share those benefits with our employees," Engel told Steve Doocy.
Aquesta Leading the Way! Aquesta Announces $1,000 Cash Bonus to All Employees and increase of minimum wage to $15 per hour!https://t.co/z916S1T3Dv
— Aquesta Bank & Ins (@AquestaBank) December 22, 2017
He added that the Tax Cuts and Jobs Act, which slashed the corporate tax rate to 21 percent, will also enable Aquesta to hire more workers.
"Aquesta has been growing about 20 percent a year, and at some point you start needing capital," Engel explained. "The tax savings that we get from this allow us to expand even further, make more loans, which means hiring more people. We expect to hire a good number of people over the coming year."
He said the money they save in taxes will enable them to loan an additional $9 million a year, which will help new businesses get off the ground and expand.
President Trump has highlighted the corporate bonuses for workers repeatedly on Twitter in recent weeks.
According to Washington Examiner, some 40 U.S. companies have doled out new benefits to workers including bonuses, increased 401(k) matches and wage hikes.
Companies are giving big bonuses to their workers because of the Tax Cut Bill. Really great!
— Donald J. Trump (@realDonaldTrump) January 2, 2018
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