Jun 18, 2021 - Economy

Companies hurry to give paid day off for Juneteenth holiday

A "Yelp" sign outside its headquarters.

Yelp is one of the more than 800 companies to offer a paid holiday for Juneteenth. Photo: Smith Collection/Gado/Getty Images

More than 800 U.S. companies offered employees a paid day off Friday for the newly established Juneteenth federal holiday, Reuters reports.

Why it matters: President Biden signed legislation late Thursday making Juneteenth a federal holiday, leaving many U.S. companies rushing to create policies for workers to take the day off.

  • Juneteenth, celebrated on June 19, memorializes when the last enslaved people in Texas learned about their freedom under the Emancipation Proclamation.

The big picture: Companies such as JPMorgan Chase and Bank of America have allowed employees a floating day off. Nike will close all U.S. operations, and Yelp will offer a paid holiday, per Reuters.

  • Target will have an annual company holiday moving forward. Starbucks will remain open and hourly employees will be paid 1.5 times their regular rate and salaried staff will receive a holiday.
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