Visa Inc., Foster City, Calif., is raising the corporate match for its Visa 401k Plan, attributing its action to the recent signing by President Donald Trump of a law overhauling the U.S. tax system.
Visa will increase its 401(k) match to 200% of an employee's salary up to 5% of pay. Currently, Visa offers a match of 200% of an employee's salary up to 3% of an employee's salary.
"Tax reform in the United States will strengthen Visa's competitive position globally and create new opportunities for Visa to invest in our business," a statement from the company said.
Visa spokeswoman Stephanie Yamada declined to comment.
"With the additional 401(k) match, Visa's U.S. employees will enjoy a sustained benefit, consistent with the role they will play in building our business … for years to come," the statement said. "Visa is exploring other global employee benefits and investments in our business and customers around the world, which we hope to unveil in the near future."
The Visa 401k Plan had assets of $1.69 billion as of Dec. 31, 2016, according to the company's latest Form 5500 filing.
