Amid all the hype about the new tax law allowing firms to give raises, comes a bit of reality. The respected HR consulting firm, Willis Towers Watson conducted a survey of 333 companies with 1,000 or more workers. Only three percent had offered raises, another four percent said they planned to and 13 percent said they might. A full 80 percent had no intention of sharing the tax windfall with employees. Pundits have predicted most of the money will go for stock buybacks, executive compensation and bigger dividends to shareholders, not raises. It seems they’re right. What about those reported bonuses in lieu of raises? Read the fine print. Walmart will award $1,000 to only long-term employees. The average Walmarter, and there are about a million of them, will get $190. Attention, Walmart workers: Don’t spend it all in one place.
Jay Schleifer, Wellington