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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.

Timing: The news came as CVS reported better-than-expected fourth quarter earnings. Net income rose to $3.29 billion from $1.71 billion in the year-earlier quarter and, excluding the impact of the $1.5 billion tax benefit, the company earned $1.92 per share vs. analysts' $1.89 estimate.

Don't forget: CVS struck a deal in December to purchase health insurance company Aetna for $69 billion, and CVS' stores are an integral part of the agreement. The two companies plan to bring together health insurance and pharmacy services through the chain's retail clinics.

Go deeper

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

4 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.