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Broadridge Financial to boost pay in wake of tax overhaul

The Lake Success company said it will raise its minimum wage to $15 an hour and pay hourly employees a $1,750 bonus.

Rich Daly, CEO of Broadridge Financial Solutions Inc.,

Rich Daly, CEO of Broadridge Financial Solutions Inc., shown on Jan. 7, 2018. Photo Credit: Broadridge Financial Solutions Inc. / Dan Bigelow

Broadridge Financial Solutions on Wednesday said it was boosting workers’ pay, delivering bonuses and expanding employee benefits as a result of strong company growth and the recent federal tax law changes.

Lake Success-based Broadridge said its minimum hourly wage will increase to $15 per hour. It will also pay a $1,750 bonus to hourly, nonmanagement associates.

Broadridge added that it was enhancing employee benefits, including adding vacation days for employees who have been at the firm fewer than five years. It was also expanding parental leave benefits.

“The data is very clear. Actively engaged associates outperform average associates by 50 percent,” said Rich Daly, chief executive officer at Broadridge. “Treating people well is good business.”

Daly said about 1,000 employees on Long Island would earn the bonus. He said about 50 employees in the region would see a pay increase because of the higher minimum.

“The vast majority on Long Island already are over $15,” Daly said, adding that the company’s minimum “had been as low as $12 in some places.”

The bonuses will be paid around midyear while other benefits will be phased in throughout the year, the company said.

Broadridge has more than 10,000 employees in 16 countries, including about 1,800 in Lake Success and Edgewood.

The financial technology company delivers proxy statements, annual reports and other documents to shareholders on behalf of public companies, banks and other financial institutions.

Over the last month, three Long Island banks also said they would increase workers’ pay or grant one-time bonuses, citing the federal tax law changes.

Islandia-based Empire National Bank is increasing salaries by 5 percent, upping its 401(k) match program and giving all nonexecutive employees one-time $1,000 bonuses.

Bridgehampton-based BNB Bank said it was increasing its minimum wage from $13 to $15 in light of the lower corporate tax rate. The bank said it was also increasing wages for employees in the tier above that.

Uniondale-based Flushing Financial paid each nonexecutive full-time and part-time employee a one-time bonus, of $1,000 and $500 respectively.

Bohemia-based Dayton T. Brown Inc., an engineering and testing company, said in December it was giving each of its roughly 210 employees a $400 bonus.

AT&T, Boeing Co., Comcast and Sinclair Broadcast Group are among the large companies that have said they will pay employees bonuses because of the savings they expect from the tax overhaul.

Also, Manhattan-based banking giant JPMorgan Chase, citing improved economic performance and the changes to the U.S. tax code, said it is boosting wages, opening new branches and hiring thousands of new workers.

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