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Webster giving bonuses, making investments in response to tax reform

BY

1/5/2018
File Photo
File Photo
John R. Ciulla is the incoming CEO of Waterbury-based Webster Bank and Webster Financial Corp.
Waterbury-based Webster Financial Corp., the holding company for Webster Bank, joined a growing list of Connecticut and other U.S. companies providing bonuses and/or higher pay to employees following passage of federal tax reforms.

Webster said Thursday it will pay a one-time $1,000 cash bonus in the first quarter of 2018 to full-time employees who are below the vice president level. This payment will benefit approximately 70 percent of all Webster full-time employees, the bank said.

The financial institution also said it would increase Webster's minimum wage to $15 per hour by the end of 2018.

And, beginning in 2018, Webster would increase its annual philanthropic and community investment by $1 million.

Other investments "in strategic employee development initiatives and early career programs" would also be deployed to create new job opportunities in Webster markets, the bank said.

"Investing in our employees and our communities has been an integral part of Webster's 82-year history as a values-guided, community-minded organization," said John Ciulla, president and CEO. "These investments demonstrate our commitment to our employees and to the markets that we serve."

Webster is the latest company to respond to federal tax reform by boosting employee bonuses and pay.