CVS to boost pay and add benefits thanks to tax law

Photo: Mandel Ngan / AFP / Getty Images

CVS Health announced Thursday that it will use some of its extra money from the recently-passed tax law to increase its starting hourly pay from $9 to $11, beginning in April, and adjust the pay rates of other workers later this year, per CNBC. CVS will also offer all full-time employees up to four weeks of paid parental leave and freeze their health premiums for the year.

Why it matters: CVS, which has more than 240,000 employees, is the latest company to dole out bonuses and announce employee raises thanks to the new tax cuts — in addition to Walmart, Bank of America, Boeing and others.