AT&T said Wednesday that it plans to invest an additional $1 billion into its U.S. networks in 2018 and give hundreds of thousands of employees a one-time bonus following the passage of the Republican-led tax bill in Congress.
The additional funding is expected to support AT&T's expanding high-speed Internet networks, as well as the next generation of wireless data, known as 5G, the telecom company said.
“Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” said Randall Stephenson, AT&T's chief executive, in a statement.
The bonuses are not a part of a union contract agreement announced last week, said a spokeswoman for the Communications Workers of America. But, the group said, they are a result of conversations between CWA President Christopher Shelton and AT&T's Stephenson.
"By pushing employers for this raise, CWA proves that working people have power when we join together to negotiate for a fair return for the work we do," the union said in a statement. "Unions remain the most effective means for working people to stand together and achieve wage growth and keep good jobs in the U.S."