Pharmacy store giant CVS Health announced on Thursday that it will share some of its tax savings from the recently implemented GOP tax cuts to increase their employees hourly wage.
According to CNBC:
CVS will boost starting pay for hourly employees to $11 per hour from $9 per hour, starting in April. Pay ranges and rates will be adjusted for many of its retail pharmacy technicians, front store associates and other hourly retail employees later in the year. Full-time employees will qualify for as much as four weeks of paid parental leave, and worker health-care premiums will hold steady at current rates.
The health-care company has more than 240,000 employees.
By boosting hourly employees’ wages from $9 to $11, a person that works a full 40 hours a week can expect an increase of $3,840 — before taxes — over the course of a calendar year. I don’t know about you, but an over $3,000 increase in yearly pay for an hourly employee certainly doesn’t equate to “crumbs.”
CVS’ announcement comes on the heels of other companies who also recently shared the corporate benefits of the tax cuts with its employees. Both health insurance giant Humana and retail electronics chain Best Buy made similar announcements.
What do ya know? "Armageddon" hasn’t yet happened as a result of the tax cuts.