President Donald Trump’s new tax law is doing great things for Apple employees’ wallets.
Apple told employees today that it plans to give all of them $2,500 worth of restricted stock, thanks to the revised tax law that goes into effect this year.
News of Apple’s payout to employees comes the same day the company revealed it will contribute $350 billion to the U.S. economy over the next five years, building a third campus and adding 20,000 new employees.
Trump applauded Apple’s moves on Twitter, saying “Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA!”
I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA! https://t.co/OwXVUyLOb1
— Donald J. Trump (@realDonaldTrump) January 17, 2018
Bonuses for Apple employees
As for the stock grants for existing workers, Apple will issue them in the next few months, according to Bloomberg,
Even with more than 120,000 employees, Apple’s bonus payout will only cost the company a mere $300 million. That’s just a drop in the monstrous bucket of over $250 billion in cash Apple plans to repatriate from overseas thanks to the new tax deal.
Cook emailed employees this afternoon to inform them of the bonus. Apple says it will also match employees’ charitable donations 2 to 1 for amounts up to $10,000 for all of 2018.
Here’s the full email:
This morning we announced a new set of investments Apple will be making over the next several years, including expanding some of our existing campuses and establishing a new one. We’re also extending our efforts in support of coding education, ConnectED and STEAM programs. I encourage you to read about these announcements on AppleWeb.
I’m excited to let you know that we’re also increasing our investment in our most important resource — our people. You are the heart and soul of Apple and we want you to share in the success made possible through your efforts. Your dedication helps Apple make the best products in the world, surprise and delight our customers, and ultimately make the world a better place.
To show our support for our team and our confidence in Apple’s future, we’ll be issuing a grant of $2,500 in restricted stock units to all individual contributors and management up to and including Senior Managers worldwide. Both full-time and part-time employees across all aspects of Apple’s business are eligible. Details are available on AppleWeb.
We also know how much our employees value giving back to the communities where we all work and live. I’m happy to announce that starting immediately and running through the end of 2018, Apple will match all employee charitable donations, up to $10,000 annually, at a rate of two to one. In addition, Apple will double the amount we match for each hour you donate your time. Last year, your generosity helped people around the world through causes that are important to you. I’m proud that this year we’ll be able to build on that tradition of giving.
Apple’s success comes from our people and I am proud to work alongside each of you. On behalf of the Executive Team, thank you for your hard work and dedication.