Chipotle's tax bonuses: Here's what employees will get
Chipotle Mexican Grill employees will be able to earn up to $1,000 extra this year due to new tax legislation.
div > div.group > p:first-child”>
The burrito chain said Tuesday that its hourly crew members will be eligible to earn a $250 bonus and its general managers will be able to earn $1,000.
“We’re pleased that the lower income tax rate from the tax law change will result in savings of approximately $40 [million] to $50 million in 2018,” CFO Jack Hartung said Tuesday.
Hartung said that about a third of those savings will go directly to its employees in the form of a one-time cash bonus. The company will also award a one-time stock bonus to a group of staff.
In addition, Chipotle plans to expand its benefits program, which includes paid maternity and paternity leave, short-term disability and life insurance plans to its hourly restaurant managers.
Hartung said the remainder of Chipotle’s tax savings would help fund the company’s $50 million investment in enhancing its existing restaurant locations. The company plans to spend about $20,000 per store to upgrade the dining area and improve the guest experience.