U-Haul Announces $23.6M in Team Member Bonuses
Monday, March 5th, 2018
U-Haul Chairman Joe Shoen shared an email with all Team Members announcing that bonuses will be issued across the AMERCO system, the result of federal tax reductions that were recently signed into law.
AMERCO is the parent company of U-Haul International, Inc.
Full-time employees will be issued a one-time $1,200 bonus. Part-time employees will be issued a $500 bonus. This includes all certified medical and maternity leave and military leave Team Members as well. Bonuses will be issued by the end of February.
In total, the bonuses handed out will exceed $23.6 million and be distributed to 28,940 Team Members.
“To comply with the intent of the President’s tax reduction, we are investing an additional $200 million in personnel, tools and facilities,” Shoen stated. “I have the opportunity to travel to locations across the U-Haul system, and I see the swell of confidence in the U.S. economy and in the American consumer. Tax reductions lead to job growth, and jobs offer people increased mobility and the option to seek better opportunities for their families. These are positive indicators for U-Haul, the self-move and self-storage industry, and the economy as a whole.”
Shoen shared in the email to Team Members that, aside from bonuses, they should start noticing an increase in their take-home pay this month due to personal federal income tax reductions.
“President Trump’s plan also included a reduction in many federal taxes for corporations. U-Haul and its parent, AMERCO, are federal corporate taxpayers, so we will also see a reduction in money taken by the federal government. The intent of this reduction is to cause growth,” Shoen stated in the email.
“This reduction in U.S. taxation could be as much as $60 million annually, depending upon how we do serving customers over the next year,” Shoen continued in the email. “The better job we do, the more taxes are saved. I am planning on us doing a great job. … The payment of this staggering bonus amount is possible because of your continued hard work and the Trump tax reduction.”