Sunday, July 15 , 2018, 5:58 pm | Fair 77º

 
 
 
 

Business

Arthrex to Invest $5 Million in U.S. Employees

Arthrex, a global medical device company with offices in Santa Barbara, will make a $5.2 million investment in its employees, Reinhold Schmieding, the company's president and founder, has announced.

The investment will be given to employees as either a base pay increase of $1/hour or a bonus of $1,000.

Schmieding said Arthrex is making this investment in response to the higher cost of living for its employees across the U.S. Arthrex also has a location in City of Industry.

“By investing in our employees’ well-being, we are investing in Arthrex’s long-term success,” said Schmieding. “This is just another example of our dedication and commitment to making people better, starting with our employees.”

The investment is also facilitated by the new federal tax code that provides a financial stimulus to corporations, as well as the deferral of the Medical Device Tax for the next two years.
 
“We are happy to be passing on a portion of the government economic stimulus as a reward for a strong company performance to all of our employees,” Schmieding added.
 
Employees will see the increase in pay or bonus in March, Arthrex said.
 
For more information, visit www.Arthrex.com.

— Lisa Gardiner for Arthrex.

 

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