Starbucks to raise pay, boost benefits with $425 million in tax savings

Starbucks and the coffee giant’s employees are not big fans of President Donald Trump. A pro-Trump patron was actually kicked out of a store because the baristas did not like Trump.

But it seems that the company and the employees are benefiting from the Republican corporate tax cut.

Starbucks announced this week that it will be raising pay, improving stock grants, and offering new benefits after finding out that it will have nearly $500 million in tax savings.

Here are some key takeaways from the announcement:

– Employees will earn paid sick time off.
– Parental leave benefits will extend to non-birth parents.
– Workers will get at least $500 in stock options.
– The base pay will go up from $10 per hour.

“Today, we are proud to announce additional investment in stock, wages and a new Partner and Family Sick Time benefit that will further enhance our industry-leading approach. Just as we have always felt strongly that our partners are key to our business success, we have also known offering a valuable, comprehensive benefits package helps us retain our valuable partners. The value of Starbucks benefit package [fully accessed] is unmatched by other retailers and provides thousands of dollars above the value of other companies compensation offerings. I am extremely proud to share that in the past four years Starbucks has made an investment of nearly $800 million in employee compensation and benefits—a testament to our belief in our people and the role they play in creating the Starbucks Experience,” said Kevin Johnson, CEO of Starbucks.

The latest changes will apply to workers at more than 8,000 company-owned stores.

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