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Thousands of Webster Bank Employees Get Bonuses, Raises Thanks to Tax Bill; No Thanks to CT Dems

January 5, 2018 By Staff
Thousands of Webster Bank Employees Get Bonuses, Raises Thanks to Tax Bill; No Thanks to CT Dems

The Connecticut-based bank is giving out $1,000 cash bonuses and raising its minimum wage to $15 an hour thanks to the GOP tax bill, which all seven Connecticut congressmen and women voted against.

Webster Bank, based in Waterbury, Connecticut, and with 3,300 employees in the state, announced this week that it is giving out $1,000 cash bonuses to 70 percent of its employees and raising its minimum wage to $15 an hour, thanks to the GOP tax cut bill.

Webster Bank employees receiving a bonus and/or a raise can thank the GOP senators and representatives who passed tax cuts, but they cannot thank Connecticut’s seven members in Congress, who all voted against the bill.

The Hour reported on the raises and bonuses:

Webster Financial got in line with other companies boosting pay for employees after the federal tax cuts, pledging to raise its minimum wage to $15 an hour by the end of 2018, also awarding $1,000 cash bonuses to non-executive employees representing about 70 percent of its workforce.

The Waterbury company runs Webster Bank and its HSA Bank division that administers health savings accounts, with more than 30 branches in southwestern Connecticut, a fifth of its total branch network. As of September, Webster reported having nearly 3,300 employees, up more than 100 from the start of the year, in a Federal Deposit Insurance Corp. filing.

Connecticut’s Democrats in Congress had used apocalyptic language to describe the tax bill, saying it is “an abomination,” shameful, “awful,” and more.

Do Sens. Richard Blumenthal (D-Conn.) and Chris Murphy (D-Conn.), and Reps. John Larson (D-Conn.), Joe Courtney (D-Conn.), Rosa DeLauro (D-Conn.), Jim Himes (D-Conn.), and Elizabeth Esty (D-Conn.) think it’s an “abomination” that Webster Bank employees received a raise and a bonus?