The U.S. tax reform pushed by the Trump Administration has prompted many corporations to announce bonuses and wage hikes for their employees. Starbucks is one of the latest to boost its compensation and benefits package in light of the recent changes in U.S. tax law. Ron Crawford, VP of Benefits at Starbucks, was with us to discuss the company's investment in benefits.
Starbucks said the U.S. tax reform accelerated its latest investment in paid leave and wages. Had there not been tax reform, Crawford said Starbucks still would have made investments in compensation, but the timing and the extent of it may have been different. The offerings will total more than $250 million for more than 150,000 workers.
Digital apps and emerging technologies are driving more coffee runs to Starbucks, says Crawford. He believes digitization has brought more customers to its stores and boosted interactions between customers and employees. Starbucks is pumping in $7 billion of capital to build and renovate stores, manufacturing plants and technology platforms in the U.S. over the next five years.
The Federal Deposit Insurance Corp. is set to pay almost $23 billion to stabilize the banking sector. That money comes from an insurance fund that is refilled through fees paid by banks. Now the agency is considering a special assessment on the entire industry to help make up the costs, according to a Bloomberg report.
About 61% of Americans say the economy is impacting their mental health, according to a PayPal survey. Shanthi Sarkar, vice president of financial services at PayPal, joined Cheddar News to break down some key takeaways from the survey and offer tips on saving and managing money.
Monthly VC funding fell below $20 billion in February, marking a two-year low. Jager McConnell, CEO of Crunchbase, joined Cheddar News to discuss the current funding climate and what lies ahead.
Longtime Starbucks CEO Howard Schultz is facing sharp questioning before the Senate Health, Education, Labor and Pensions Committee where he is defending the company’s actions during an ongoing unionizing campaign.
Apple Pay is getting in on the buy now pay later boom with a feature allowing users to split purchases into four separate payments over six weeks at no additional cost or interest.
