February 12, 2018

Tax reform leads MetLife to invest $10M+ in employees

PHOTO | MetLife
PHOTO | MetLife
The MetLife office in Bloomfield.

In response to the new tax reform law, New York insurance giant MetLife Inc., which has some operations in Bloomfield, said it is investing millions of dollars in its employees.

The company will increase the minimum wage it pays, enhance benefits, and boost contributions to retirement plans, as well as create a new $10 million skills development fund to help its employees around the world upgrade their skills.

"We are investing in [employees'] future and strengthening their long-term financial security with structural improvements that will endure," said CEO Steven A. Kandarian. "We are also channeling most of the benefits to employees at the lower end of the compensation spectrum."

For all eligible U.S. employees, MetLife's enhanced programs include:

  • Establishing a company minimum wage of $15 an hour;
  • Establishing a minimum MetLife-provided group life insurance benefit of $75,000, regardless of the employee's pay;
  • Introducing in 2019 a $300 minimum monthly credit for the cash-balance formula of the company's defined benefit pension plan, regardless of the employee's pay; and
  • Extending company-paid group legal services offered through MetLife's Hyatt Legal Plans.
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