Apple issues US$2500 bonuses to employees after new tax law

Apple issues US$2500 bonuses to employees after new tax law

Apple told employees today that it's issuing a bonus of $2,500 worth of restricted stock units following the introduction of new USA tax laws, reports Bloomberg.

At Wednesday's closing price of $179.10, each employee would receive (roughly) 14 shares of restricted stock units that would then vest over time. The company has more than 120,000 employees, including those at its retail stores. The additional stock will be issued to most employees below a director level in the coming months.

In addition, Cook revealed that Apple intends to "match all employee charitable donations", indicating that the iPhone maker is ready to contribute up to $10,000 through the end of the year for every donation made by an Apple employee. "I'm proud that this year we'll be able to build on that tradition of giving", the Apple chief said.

Apple is the latest company to offer such a bonus to employees with AT&T, Comcast, JetBlue and Wal-Mart also doing so.

Apple's planned bonus also comes shortly after President Trump signed tax legislation that lowers corporate taxes and gives companies like Apple a break on money that they bring back to the USA from overseas.

Apple notified employees by email, and tied the bonuses to the GOP tax bill signed into law by President Trump. Apple said on Wednesday that it would pay $38 billion in taxes this year on the money that it plans to repatriate from its overseas cash hoard of more than $250 billion.

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