Aflac will invest in long-term benefits for its employees as part of an overall planned increase in its U.S. investment of $250 million during the next five years.
The Georgia-based supplemental insurance company, which headquarters its Group Operations in Columbia, plans to increase its 401(k) match from 50% to 100% on the first 4% of employee contribution in 2018. The company will also make a one-time contribution of $55 to each employee’s 401(k) plan, according to a news release, and offer certain hospital and accident plans to all employees for free.
The company expects to increase its overall U.S. investment by approximately $250 million in the next three to five years. That will also include investments in technology and digital businesses, as well as a renewed focus on childhood cancer programs.
Aflac said the increased investment is made possible because of recent tax reforms enacted by Congress which cut the corporate tax rate from 35% to 21%.
“We are pleased that these tax reforms provide Aflac with an opportunity to increase our investments in initiatives that reflect our company values: providing for our employees in the long and short term; ensuring future growth for our company; and giving back to the community,” Aflac chairman and CEO Dan Amos said in the release. “We will use these funds to help secure healthy retirements, develop employee skills in an evolving global business climate, and provide additional protections for our workers and their families. At the same time, we will strategically invest in growing our business while increasing our commitment to children and families facing childhood cancer.”