McCormick offers employee bonuses on tax cut benefit

MarketsAssociated Press

McCormick & Co. is the latest company to offer employees bonuses, citing sweeping tax reforms that slashed corporate tax rates.

The spice-maker is offering $1,000 bonuses to eligible hourly employees and says it plans to "accelerate" wage increases, though it did not provide details. The Sparks, Maryland company will also us the tax cut to make investments, pay debt and benefit shareholders.

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Many companies have announced one-time bonuses, with some also announcing wage increases, following the changes in the tax code. Others include Home Depot, Disney, Starbucks, and Walmart.