Nephron Pharmaceuticals’ 640 S.C. employees will receive a 5% pay raise in 2018, the West Columbia-based company announced last week.
The company attributed the raise to savings related to the tax bill passed by Congress in December, which cut the corporate tax rate from 35% to 21%. The raise applies to all employees except those who work on commission.
Nephron CEO Lou Kennedy made the announcement to a crowd that included S.C. Gov. Henry McMaster, U.S. Sen. Lindsey Graham and U.S. Rep. Joe Wilson, along with prominent local politicians. She said Nephron, a leading global manufacturer of respiratory medications, was passing along savings from the Tax Cuts and Jobs Act.
The raise will bring the average Nephron employee’s salary to $70,000 a year, Kennedy said.
Several companies across the country have announced employee benefits after the tax bill’s passage, including Sinclair Broadcast Group, the nation’s largest TV broadcaster, which promised $1,000 bonuses to its nearly 9,000 full- and part-time employees.
Boeing announced it would invest $300 million in its business, including $100 million in employee training and education, while broadband provider Comcast said it expects to invest more than $50 billion in the next five years in its businesses.