Despite a series of high-profile announcements from several CEOs and businesses, just 9 out of 100 top U.S. companies that make up the S&P 100 are planning to use the GOP tax savings to reward their workers with bonuses or wage hikes, while just two companies are pledging to permanently increase worker pay, according to a CNBC survey published Wednesday.
Also, just 9 of the 100 large U.S. companies said they would use the money saved from corporate tax cuts to invest in charitable causes.
Moreover, twenty-one companies responded with no comment, while the same number responded with general statements that did not include specific details on worker pay or domestic investment.
The Hill added:
The nine companies committed to boosting worker pay included: AT&T, Walmart, Wells Fargo, Comcast, Boeing, Bank of America, PNC Financia, and U.S. Bancorp. Of those companies, just two, Walmart and Wells Fargo, pledged to raise pay for some workers permanently. The rest, with the exception of Boeing committed to one-time bonuses of $1,000.
Boeing responded to the survey by pledging to boost domestic investment by an additional $300 million, echoing plans announced last month.
A few other companies, including Goldman Sachs, Verizon, Walgreens and Intel, said they were still analyzing the bill and planned to make announcements in the coming weeks.
Republicans said that their plan would be “rocket fuel” for the economy, boosting economic growth and worker wages.