Altria Group giving $3,000 bonuses with tax windfall

AP News
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Posted: Feb 02, 2018 10:36 AM

RICHMOND, Va. (AP) — Altria Group Inc., one of the world's largest tobacco and cigarette makers, is giving its employees a $3,000 bonus with a fraction of its windfall from the federal corporate tax cut.

The Richmond Times-Dispatch reports the one-time payout to 7,900 non-executive employees totals about $24 million. Altria posted a $10.3 billion profit for 2017, almost half of it in the fourth quarter as the company adjusted deferred taxes to benefit from the lower rate.

The Richmond-based corporation also announced plans Thursday to set aside $35 million over the next three years for donations to philanthropic programs, mostly centered on youth development and workforce preparedness, in communities where it operates.

Many companies have announced either one-time bonuses or wage increases now that their corporate income tax rates have been substantially lowered.

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Information from: Richmond Times-Dispatch, http://www.richmond.com