The GOP tax overhaul has inspired what seems like a flurry of action from companies looking to gain billions of dollars in potential savings. Every day, a new organization announces bonuses and wage increases. (FedEx Corp. on Friday added its name to that list.) Others, however, are using their funds to lay off thousands of workers.
Despite the headlines, it turns out most companies aren’t doing much at all with their tax savings, according to a new survey from Willis Towers Watson. At least not yet.
The HR consulting firm asked 333 employers with at least 1,000 employees what they have done or plan to do as a result of the Tax Cuts and Jobs Act. Only 4 percent of companies said they had “increased wages for all employees”; an additional 3 percent said they planned to do so in the next year. While an further 13 percent said they’re “considering taking action this year or next,” a full 80 percent of companies aren’t considering giving raises at all.
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