Ohio company says bonuses, higher pay because of tax cuts
CINCINNATI (AP) — An Ohio-based payments-processing giant said Friday it’s giving bonuses, upping pay and improving benefits while crediting the GOP tax cuts.
Worldpay Inc. detailed its plans as Republican U.S. Sen. Rob Portman toured the company, formed recently from Cincinnati-based Vantiv’s acquisition of British rival Worldpay. Portman has been visiting different kinds of companies around the state to hear what they’re doing with reduced taxes. President Donald Trump came last month to a suburban Cincinnati cylinder manufacturer that said employees were getting $1,000 bonuses.
Worldpay said U.S. hourly workers are getting bonuses of $1,000 to $2,000 each, and some hourly wages are being hiked. The company is increasing its 401(k) match and investments in wellness and recognition programs. Charles Drucker, the company’s executive chairman and co-CEO, said the company also will increase charitable giving.
Democrats have said the tax cuts help mainly the wealthy and are deepening the federal deficit. Republicans will highlight boosts to worker pay in this year’s midterm elections as they try to keep political control of Ohio and to unseat Democratic Sen. Sherrod Brown. Portman was re-elected to a second term in 2014.
Worldpay has more than 1,500 employees in Cincinnati, and some 8,000 globally. The company says it will process more than 40 billion transactions annually worth $1.6 trillion across 146 countries.
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