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U.S. Bank will give $1,000 bonus to about 60,000 workers as a result of tax bill

The company is also increasing its minimum wage for hourly employees.

The Essentials

1. U.S. Bank is giving bonuses to thousands of employees and instituting a higher minimum wage in the wake of tax reforms signed into law at the end of 2017.

2. The Minneapolis-based company announced the moves Tuesday, and include:

  • A $1,000 bonus for nearly 60,000 of its workers.
  • A new $15-an-hour minimum wage for all hourly employees.
  • A $150 million contribution to the U.S. Bank Foundation.
  • And "enhancements" to employee health insurance starting in 2019.

3. U.S. Bank in its announcement said it was a direct result of the new tax laws, with President and CEO Andy Cecere saying they "felt it was important to reward [employees '] hard work and dedication."

What Else You Should Know

U.S. Bank has just shy of 72,000 employees, according to Forbes – so most will be seeing that $1,000 bonus.

Related:

We asked MN's Fortune 500 companies what they'll do with corporate tax cut savings

The company says it has about $459 billion in assets, and in October the Wall Street Journal reported U.S. Bancorp said its third-quarter profit rose to a record level, with Reuters attributing it to higher interest rates.

In 2016, U.S. Bank's six highest-paid execs earned an average of $4.8 million, according to the Business Journals. Former Chairman and CEO Richard Davis topped the list with $15.3 million in total compensation, though that could include equity (as Salary.com lists), not just cash.

U.S. Bank is the latest large company to announce employee bonuses or investments following the tax overhaul being passed.

Related:

Here's how MN's minimum wage changed on Jan. 1, 2018

AT&T is doing a similar bonus for workers, while Wells Fargo is planning a $15 minimum wage (something Target is already on its way to doing).

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