In Queso You Missed It: Chipotle To Give Employee Bonuses, Increase Investments Because of Tax Cuts and Jobs Act
WASHINGTON, D.C. – Chipotle spilled the beans on their plans for the tens of millions of dollars in savings they will receive under the Tax Cuts and Jobs Act by announcing employee bonuses and increased investments into enhancing their restaurants.
Let-tuce explain the benefits: Employees now have a ‘steak’ in the Republicans’ efforts and will be in ‘lime’ for $250-$1,000 bonuses, while the rest of the savings will go to fund the company’s $50 million investment towards their restaurants. That’s a lot of “crumbs” to wipe up!
Chipotle joins the over 300 other companies announcing pay raises, better benefits, bonuses, increased investments, and additional hiring as a result of the Tax Cuts and Jobs Act. Americans have now received over $3 billion in bonuses and counting as a result of this bill.
Will Democrats keep playing chicken with their answers on why they voted against higher paychecks for American workers and put all of their chips into arguing for government taking more money out of folks’ pockets, or will they admit they are getting sour-creamed on their false predictions and un-bowl-evable rhetoric?
To see Chipotle’s full announcement, click here or see below.
To see the growing number of companies increasing wages, investments, jobs, and bonuses because of the Tax Cuts and Jobs Act, click here.
CNBC: Chipotle’s tax bonuses: Here’s what employees will get
Chipotle Mexican Grill employees will be able to earn up to $1,000 extra this year due to new tax legislation.
The burrito chain said Tuesday that its hourly crew members will be eligible to earn a $250 bonus and its general managers will be able to earn $1,000.
“We’re pleased that the lower income tax rate from the tax law change will result in savings of approximately $40 [million] to $50 million in 2018,” CFO Jack Hartung said Tuesday.
Hartung said that about a third of those savings will go directly to its employees in the form of a one-time cash bonus. The company will also award a one-time stock bonus to a group of staff.
In addition, Chipotle plans to expand its benefits program, which includes paid maternity and paternity leave, short-term disability and life insurance plans to its hourly restaurant managers.
Hartung said the remainder of Chipotle’s tax savings would help fund the company’s $50 million investment in enhancing its existing restaurant locations. The company plans to spend about $20,000 per store to upgrade the dining area and improve the guest experience.