“Starbucks Corp will use some of the savings from the new U.S. corporate tax cuts to give domestic employees pay raises, company stock and expanded benefits with a combined worth of more than $250 million, the company said on Wednesday,” Lisa Baertlein reports for Reuters. “With the announcement, the world’s biggest coffee chain joins companies like Walmart, Apple Inc, Comcast Corp and American Airlines Group Inc in sharing tax savings with employees.”
Baertlein reports, “Credit Suisse analyst Jason West recently estimated that Starbucks’ global tax rate could fall to about 24-25 percent from around 33 percent, which would drive roughly $425 million in annual tax savings.”
Seattle-based Starbucks said it will give hourly and salaried employees, who received pay raises in January, a second wage increase in April,” Baertlein reports. “It is giving additional stock grants to eligible employees on April 16. Coffee shop workers will receive a grant of at least $500 and store managers will receive $2,000 grants.”
Read more in the full article here.
MacDailyNews Take: Congrats, Starbucks employees!
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