'Vast majority' of Nationwide's Iowa employees will receive $1,000 bonuses

The "vast majority" of Nationwide insurance's employees in Des Moines will see a $1,000 bonus in their Jan.19 paycheck, a company spokesman said Wednesday.

The bonuses were credited to federal tax reform, which President Donald Trump signed into law Dec. 22. The Ohio-based insurer joins a wave of other employers who have promised to pass on some of the savings of corporate tax cuts to their workers. 

Nationwide will issue a one-time bonuses to 29,000 "frontline associates, managers and individual contributors" in regular paychecks Jan. 19, spokesman Joe Case told the Des Moines Register. In total, Nationwide employs about 33,000 people, including some 4,400 in the Des Moines metro area. 

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In addition, the company plans to up its 401(k) contribution: Rather than a 50 percent match on the first 6 percent of an employee's contribution, the company will match 50 percent on the first 7 percent. 

"Nationwide values its associates. People are at the core of our company values," Case said in a statement. The combination of the new tax legislation, including a reduced corporate tax rate, and our associates’ ongoing commitment to our members, community and On Your Side promise are the reasons we’re making this investment that further enhances the already robust benefits we offer to attract and retain the best talent."

PREVIOUSLY: Nationwide insurance cuts 30 jobs in Des Moines

On December 20, Wells Fargo announced it would raise its minimum wage to $15 per hour, donate $400 million community and nonprofit organizations in 2018 and spend 2 percent of its after-tax profits on corporate philanthropy. 

With some 14,000 local employees, the San Francisco-based bank is the single largest private employer in the Des Moines metro area. 

Bank with Iowa branches also plans bonuses

A regional bank plans to give all its full-time employees $1,000 bonuses because of the federal tax reforms that were recently approved.

Great Southern Bank said Wednesday that its part-time employees will receive $500 bonuses as well.

Great Southern President and CEO Joseph Turner says the tax reforms should boost the U.S. economy, which will help the banking business.

Great Southern is based in Springfield, Missouri. It runs 104 bank branches in Arkansas, Iowa, Kansas, Minnesota, Missouri and Nebraska.

Turner says the bank will discuss the full financial impact of the tax reforms on its business when it reports its fourth-quarter earnings.

— Associated Press