Nationwide Spurred by Tax Law to Give Bonuses, Bump 401(k) Match

Nationwide Mutual Insurance Co. will pay $1,000 bonuses to about 29,000 employees and increase matching 401(k) contributions for all its associates.

The move is a response to the new tax law enacted by Congress and signed by President Donald Trump in December, a Nationwide spokesman told Bloomberg Law. The law’s reduced corporate tax rate of 21 percent—down from 35 percent—coupled with other factors gave Nationwide an opportunity to share further investments with its workforce, the spokesman said.

Nationwide’s announcement comes days after Aflac Inc. announced an increase in its 401(k) match—from 50 percent to 100 percent on the first 4 ...