MetLife To Make Significant Investment In Its Employees On Tax Reform

(RTTNews) - MetLife, Inc. (MET) announced that in light of tax reform, the company will increase the investment it makes in its employees. For all eligible U.S. employees, MetLife established a company minimum wage of $15 an hour, well above the federal minimum wage of $7.25 an hour. The company will also create a new $10 million skills development fund to help its employees around the world upgrade their workplace skills.

MetLife's enhanced programs also include: a minimum MetLife-provided group life insurance benefit of $75,000, regardless of the employee's pay; and a $300 minimum monthly credit for the cash-balance formula of the benefit pension plan.

MetLife also enhanced the 401(k) plan design by moving to auto-enrollment for employee contributions and immediate eligibility for, and vesting in, employer matching contributions.