Why Comcast, AT&T, others are suddenly giving $1000 bonuses to workers

With tax cuts, US companies planning worker bonuses

Expect a stampede of companies handing out bonuses, raising pay, spending on capital projects and giving to charities, with the windfall from the massive corporate tax cuts passed Wednesday.

AT&T would pay a special $1,000 bonus to more than 200,000 AT&T USA employees - all union-represented, non-management and front-line managers.

AT&T plans to invest an additional $1 billion in the United States in 2018.

AT&T stock was up by 1.22 percent, to $39.02 on the day; Fifth Third stock was up by 1.34 percent, to $30.92 on the day; Comcast was up by 2.48 percent to $40.36; and Boeing was up by 0.36 percent, to $296.84.

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"We believe tax reform is good for our USA economy and are pleased to raise our minimum hourly pay to $15 as a result", Gilchrist said.

Some CEOs wasted little time in promoting President Trump's tax-cut bill as a win-win-win for their workers as well as for their companies - and the country as a whole.

"We believe tax reform is good for our USA economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners", Wells Fargo CEO and President Tim Sloan said in the Thursday statement that mentioned the $15 minimum pay. If the President signs the bill before Christmas, employees will receive the bonus over the holidays, AT&T said.

The Communication Workers of America, the union that represents many of those frontline workers, had demanded that employers guarantee the yearly $4,000 household wage increase that Republican lawmakers asserted would be the outcome of the tax cut.

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The news is the first sign that many in the middle-class will benefit financially from their employers paying less in taxes. Meanwhile, Wells Fargo and Fifth Third banks intend to raise the hourly wage of their employees to $15 an hour.

The remarks reverberated in Washington, where Republicans and Democrats are working furiously to shape perceptions of the GOP tax bill, which will reduce the corporate tax rate from 35 percent to 21 percent. Wells Fargo said it will boost its minimum wage to $15 an hour, as well as donate $400 million to nonprofit and community organizations.

"Each of these investments benefits Boeing's most important strength - our employees - and reflects the real-time impact and economic benefit of the reforms", Boeing CEO Dennis Muilenburg, said in a statement.

"Comcast expects to spend more than $50 billion over the next five years investing in infrastructure to improve and extend our broadband plant and capacity, and our television, film and theme park offerings", said Brian L Roberts, chairman and CEO of Comcast NBCUniversal.

Fog warning issued for the entire country
Travellers hoping to fly in or out of the United Kingdom are advised to check before they make their way to an airport. The Met Office's Aidan McGivern said: Foggy scenes are expected for most of the country.

But the numbers show that Comcast's investments soared while the net neutrality rules were in place and would hit the "new" milestone if its investments continued increasing by a modest amount.

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