In The News
Children's Clothing Retailer giving bonuses, boosting retirement funds
Washington,
February 27, 2018
Note: Carter's has locations across West Michigan in Holland, Walker, Grandville, and Byron Center. By David Allison – Editor, Atlanta Business Chronicle February 27, 2018 Children's clothing giant Carter's Inc. (NYSE: CRI) said Tuesday that thanks to "the significant and unexpected benefit in 2017 of the historic tax reform legislation," the company will spend $20 million to increase employee retirement plan contributions and give bonuses for eligible full-time and part-time employees. The company said it expects a total net benefit of $40 million related to the enactment of the Tax Cuts and Jobs Act of 2017, of which about half will be invested in brand marketing and improved eCommerce capabilities. “The Tax Cuts and Jobs Act of 2017 is expected to have a significant and positive impact on our Company’s future earnings, cash flow, and ability to invest in its growth strategies," said Michael D. Casey, Carter's chairman and CEO, in a statement. Numerous other U.S. and Georgia-based companies have announced they will give employees bonuses and boost retirement contributions thanks to tax reform. Carter's said it plans cash bonuses to full-time and part-time global employees with one year of service, with full-time employees receiving a bonus of approximately 5 percent of base salary and part-time employees receiving approximately $100 per year of service with the company. The company’s leadership team will not receive these special bonuses. Carter's also said it will make a 100 percent match of employee voluntary contributions to company-sponsored retirement programs. Read the full announcement here. As of the end of 2016, Carter's had approximately 18,300 employees globally. |
