Chipotle, citing tax changes, sends bonuses, ups benefits
NEW YORK (AP) — Chipotle is the latest company to give out one-time cash and stock bonuses, and will broaden parental leave benefits for workers following sweeping changes to U.S. tax law.
The announcement follows similar actions at big companies including Walmart, Starbucks and Disney.
Qualified hourly and salaried restaurant workers at Chipotle will receive a special one-time cash bonus of up to $1,000 or a one-time stock grant. There will also be additional paid parental leave coverage for a broad range of workers, from hourly managers to salaried employees.
It comes at a turbulent time for the Denver-based burrito chain, which is trying to turn around its business after a series of food safety scares that sent customers elsewhere. Late Tuesday, Chipotle said a key sales figure rose during the last three months of 2017, but that was mainly due to higher menu prices and cheaper avocados. Fewer customers came to its restaurants during the quarter, the company said.
Shares of Chipotle Mexican Grill Inc. fell $30.63, or 10 percent, to $273.70 in trading Wednesday.