CVS hikes hourly wages, boosts parental leave due to tax reform

CVS Health (NYSE:CVS) will be passing on some of the savings that it expects from tax reform to its employees by boosting pay and increasing benefits.

Hourly employees will see their wages increase to $11 per hour from $9 per hour, effective April 2018. The company also plans to adjust pay ranges and rates for many of its retail employees later in the year.

The company is also creating a new paid parental leave program. Effective April 1, 2018, full-time employees who become parents can take up to four weeks away from work at 100% of their pay.

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Also, CVS will absorb increased medical and prescription costs so that the 100,000 employees enrolled in the company-sponsored health plan will not see their health care costs increase.

CVS has more than 240,000 employees across the country.