For the majority of the 11,500 employees of TSYS, which includes about 4,800 in Columbus, the new year will be starting off with an extra $1,000 in their paycheck.
The global credit-card and payment processor, headquartered in downtown Columbus, said Tuesday that it will be paying a special one-time cash bonus of $1,000 to most of its staffers. The money will be going to those workers at the director level and below, TSYS spokesman Cyle Mims said.
“Executives at the senior director level and above are already bonus eligible, so they are not a part of the one-time bonus payments,” Mims said via email. “I do not have an exact team member number, or dollar figure to give you, but I will say that the majority of TSYS team members will be receiving the one-time bonus payment.”
TSYS said the extra cash for most of its employees is being given for several reasons. First, it’s a simple thanks for the hard work of staffers, it said, with the money coming as the company prepares to celebrate its 35th anniversary this year.
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The firm also said the move is aimed at rewarding its “team members” for the success it continues to have financially in the card-processing sector. If you made a few purchases at a brick-and-mortar store or online website during the holidays, there’s a good chance that the Columbus firm authorized, carried out and posted the transaction to your account.
The company, which made the $1,000 bonus announcement to employees internally Tuesday, also mentioned it comes with the recently passed U.S. tax reform legislation. The Republican-led measure, already signed into law by President Donald Trump, lowers income tax rates on U.S. corporations. It also increases the standard income tax deduction on American workers as a whole, which should mean more cash in each paycheck when the initiative takes effect in the coming weeks.
“After more than three decades of extraordinary success, our future has never been brighter,” Troy Woods, TSYS chairman, president and chief executive officer, said in a letter to employees. “Our ongoing growth and success will depend on the strength of our people-centered and performance-driven culture. For it to thrive, our values must guide our actions. As we celebrate our 35-year milestone in 2018, let’s continue to hold each other accountable for living our Corporate Values of Relationships, Innovation, Growth, Integrity and Excellence, adhering to the highest ethical standards and committing ourselves to the promises outlined in our Customer Covenant.”
Mims said employees in the U.S. and Canada should receive their $1,000 bonus on Jan. 10, while those outside the U.S. are expected to see the bonus in their month-end paycheck.
The move by TSYS follows the announcement last week by Columbus-based supplemental insurer Aflac that it will increase investment in its U.S. operations and employees by $250 million over the next three to five years due to the tax reform law.
Specifically, Aflac workers will see the the company’s 401(k) match rise from 50 percent to 100 percent on the first 4 percent of employee contributions, with a $500 one-time contribution going to each staffer’s 401(k) plan. The firm, well known for its comical Aflac duck advertisements, also plans to offer certain hospital and accident insurance products to employees at no charge.
The two Columbus companies join other corporations across the U.S. who have pledged bonuses and other additional financial benefits to workers because of the tax reform measures.