Boeing boosts employee match program after GOP tax cuts
U.S. airplane manufacturer Boeing (NYSE:BA) announced Wednesday it will change its policies for volunteer and gift match programs, resulting from the tax reform package signed into law last December.
The company announced $300 million in investments and earmarked $100 million toward corporate charitable investments after the legislation passed.
Now, Boeing’s “Dollars for Doers” program will raise the gift match level for all employees, increasing the cap on eligible charitable gifts to $10,000 from $6,000. The aerospace and defense company will also reduce the number of volunteer hours needed to obtain a company match to 10—matched at $10 per hour in 10-hour increments. The current program requirements state an employee must donate a minimum of 25 hours to the same organization to receive a company match.
Furthermore, a new team volunteer program will allow employees of the Chicago-based company to donate time to non-profit organizations, and in turn, Boeing will provide a monetary gift to that organization. However, teams will need to meet minimum hours-of-service requirements, and the gift from the plane maker will be scaled based on the number of Boeing teammates participating in the activity, it said.
Boeing will also add non-U.S. and subsidiary employees to the company’s volunteer and gift match programs.
“We are a company within an industry that has had and will continue to have a meaningful role in the growth of our nation and the world,” John Blazey, vice president, Boeing Global Engagement, said in a statement. “Through increased employee and community investments like the ones announced today, Boeing and its generous employees inspire the dreamers of tomorrow, and we move the world today through our products and our giving.”