IberiaBank announced this week that employees will be seeing pay raises as a result of the federal tax reform legislation that passed in December.
Due to the legislation, IberiaBank said in a prepared statement the company will invest a portion of savings in its associates in two meaningful ways. The first is a $2 an hour pay raise, which will be given to non-exempt, non-commissioned associates who currently earn $15 per hour. The raise means employees will see somewhere between 12- to 23-percent in increased base compensation.
Part-time and full-time employees who currently earn between $15 an hour and $100,000 annually will receive a $1,000 cash bonus.
“In total, these investments benefit nearly 80-percent of our associates,” president and CEO of IberiaBank Corp. Daryl Byrd said. “We are very proud of our team, and we are pleased to reward those who take care of our clients and our communities every day in extraordinary ways.”
“Continuing to invest in our people helps us to attract and retain high quality associates, which translates into strong financial performance and positive results for our shareholders.”
U.S. Rep for the 3rd District Clay Higgins applauded the company’s announcement and what it means for employees.
“This is the type of economic growth and investment that we are seeing from hundreds of companies across the nation as a direct result of historic tax cuts,” Higgins said Thursday in a prepared statement. “I’m excited to see South Louisiana’s own IberiaBank investing in its employees with bonuses and higher wages.
“These are real benefits for real American families. More than 3 million American workers have benefitted from similar investments, and all Americans will benefit from lower rates and a greatly simplified tax code.”
