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Apple will give all of its employees bonuses of $2,500 following a year of growth, according to a report from Bloomberg.
Nearly all of the company’s 120,000 staff members will get a hefty bonus. This news comes as the company has announced plans to inject $350 billion into the US economy.
Staff across all of the company’s departments, including retail outlets, will receive a bonus. That’s regardless of whether they work full or part time.
However, employees at director level and above will miss out on these bonuses. Apple is thought to be rewarding its staff after a year of strong sales.
Apple employees from across the world will be able to claim the money through stock grants. Bloomberg discovered an email sent to employees by Apple boss Tim Cook, who said the bonuses reflect his “confidence in Apple’s future”.
The firm has just announced plans to spend $38 billion in the US over a five-year period, following a new tax reform passed by President Donald Trump. Corporate tax is now at 21 percent, rather than 35 percent.
“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,” tweeted Trump.
Speaking about his company’s investment plans, Cook told ABC: “I hope — I have that faith — that it will be used for great purpose for the country, whether that’s infrastructure or education, or what have you, that will further supply jobs in the U.S.”
He also spoke about the importance of rewarding staff members. “We’re one of the few — we’re probably the only company of our size where every person is an owner in the company,” he explained.
Cook added that the company is always looking to support its employees: “Instead of a onetime kind of bonus, we wanted to do something that lasts a longer period of time.”
Apple will start handing out the bonuses in the coming months. Cook also pledged that his company would give twice the amount of its employees charitable donations, up to $10,000. Other companies, including AT&T, Comcast, JetBlue, and Wal-Mart have also announced one-time staff bonuses in celebration of the new tax laws.