South Dakota-based Great Western Bank today announced it would increase wages and offer better benefits for employees as a result of tax reform. More specifically, the company’s investments include:

  • Raising the minimum wage to $15;
  • A special one-time $500 bonus or wage increase for nearly 70% of its workforce;
  • Enhancement to employees’ health care offerings effective for the 2018 enrollment period; and
  • The doubling of its annual contribution to its Making Life Great Grants community reinvestment program.

“It is important to reward the hard work and dedication of our employees with this special bonus, the minimum wage hike and the health care enhancements. Tax reform gave us the opportunity to make these investments and increase the support we provide to the communities we serve,” said Ken Karels, Chairman, President and CEO of Great Western Bancorp, Inc. “We greatly appreciate Rep. Noem’s leadership in negotiating a tax reform package that enables companies like ours to invest even more in our people and communities. Kristi’s success on tax reform is already having a tremendous impact on the lives and livelihoods of those within the Great Western Bank family.” [emphasis added]

“This is what tax reform was designed to do,” said Rep. Kristi Noem, who served on the tax reform negotiating committee. “Many South Dakotans will be seeing a direct tax cut of more than $1,000, which in and of itself is real money. But on top of that, most of Great Western’s employees will be receiving a bonus and better benefits as a result of tax reform. After years of sluggish growth, things are getting better for folks across the state. I applaud Great Western for making these investments into South Dakota’s people and communities.”

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