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Chipotle giving new bonuses, benefits to workers after tax overhaul

By
Sara Shayanian
Chipotle announced new employee bonuses and benefits Wednesday it says owes to savings it's received from the new U.S. tax code. File Photo by Susan Montgomery/Shutterstock/UPI
Chipotle announced new employee bonuses and benefits Wednesday it says owes to savings it's received from the new U.S. tax code. File Photo by Susan Montgomery/Shutterstock/UPI

Feb. 7 (UPI) -- Mexican restaurateur Chipotle said Wednesday it will provide new benefits -- including cash bonuses -- to more than 70,000 employees, thanks to Congress' tax overhaul.

The chain said it will reinvest more than one-third of its anticipated savings from the tax law into the workers' benefits.

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"The new benefits have already begun rolling out to Chipotle employees," the company said in a press release, adding that the added benefits will reach all 71,000 of its employees.

Some of the new benefits will include accelerated training programs and cash and stock bonuses, including a special one-time bonus of $1,000 or a one-time stock grant. It will also provide maternity and paternity coverage and life insurance and disability insurance for managers.

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"We have always been proud of our ability to attract and retain top talent who share our passion for cooking delicious food by hand and creating an extraordinary guest experience," Chipotle CEO Steve Ells said.

"We're giving back to these committed, motivated, and hardworking team members who have made Chipotle what it is today."

Chipotle isn't the first company to increase employee benefits due to the tax overhaul.

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Last month, Disney said it would invest $50 million into education programs for hourly workers and pay $1,000 cash bonuses.

Walmart acted similarly by raising its hourly wage to $11 an hour, and said it would expand its maternity and parental leave programs. Similar announcements were also made for employees of Boeing, AT&T and Wells Fargo.

The Tax Cuts and Jobs Act marked President Donald Trump's first legislative victory since taking office, and slashed corporate taxes from 35 percent to 21 percent.

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