Dyersville Die Cast employees will be getting bonuses thanks to the recently passed tax reform bill.
Full-time employees who were with the company prior to Oct. 1, 2017 will receive a $200 bonus on March 9. But, that’s not all.
All full-time, hourly employees will also be receiving $50 monthly bonuses for at least the next 12 months.
In addition, employees will still receive their regular “profit bonus” in June, according to General Manager Bob Willets.
The big news is thanks to that fact that Dyersville Die Cast is slated to save approximately $200,000 thanks to the new tax law, and have decided to dole out $150,000 of that to its workers.
“Nothing works around here without you guys,” Willets told the room.
As for the company itself, Die Cast’s tax rate dropped from 39.7 percent to 37 percent. One of the biggest changes, however, is that now Die Cast has the ability to write off qualified equipment purchases.
“For a company like us that invests millions a year in capital, that’s a big deal,” said Willets.
Aside from the newly announced bonuses, Willets showed employees how much extra they will get to take home in their paychecks thanks to the tax cuts.
Displaying a redacted paystub of an employee making $15.25 an hour, Willets pointed out that before the tax cut $40.95 was being taken out, and now that number was at $35.24 for a savings of around $300 a year.
Another employee making $25.50 an hour was going to see around $1,000 more a year after taxes dropped from $96.61 per check to $77.10.
When the floor was open to questions, one employee light-heartedly asked if she could be bumped up to $25 an hour.
“Let me answer that honestly,” said Willets. “Yes.”
Willets explained that the $25 an hour position was specialized and would require technical schooling, but the company would be willing to pay for that education for their employees.
“We would rather hire inside than out,” he said.
Willets also spent some time encouraging those are able to vote to do their own research prior to the election and to not just “believe all the talking heads” in the media.
While he didn’t explicitly endorse one party or candidate, he made sure to display how the tax cuts passed.
After running through how each of Iowa’s elected representatives voted, Willets pointed out the partisan lines on which tax reform passed, with 227 Republicans voting in favor in comparison to zero Democrats.