January 3, 2018

CT firms give bonuses, raise starting pay

PHOTO | Contributed
PHOTO | Contributed
George W. Hermann, president and CEO, Windsor Federal Savings Bank.

Three more Connecticut employers are granting workers one-time bonuses and raising starting pay in the wake of the recent federal income-tax reform.

Windsor Federal Savings said each of its workers, except senior managers, will collect a $250 bonus. In addition, President/CEO George Hermann announced that starting pay for the thrift's full-time workers will rise to $15 per hour.

Insurer Travelers Inc. announced recently that it too will pay one-time, $1,000 bonuses to employees whose annual pay is $75,000 or less, plus raise minimum pay to $15 an hour for its workers who earn less than that.

Citizens Financial Group, with bank branches in Connecticut and Rhode Island, announced that all of its 12,500 employees, or about 70 percent of its workforce, will get a $1,000 bonus. In addition, Citizens said it is contributing $10 million to its Citizens Charitable Foundation to benefit communities that it serves.

Nationwide, a number of employers announced bonuses and higher starting pay after Congress in late December voted in a $1.5 trillion tax-reform package that lowered tax rates for corporations and individuals.

"The relief that this tax bill provides to business should help to spur our economy, and is important to building meaningful, long-term growth in Connecticut, and beyond," Hermann said in a statement.

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