Nephron gives 600-plus employees a 5% pay raise due to federal tax cuts
Nephron Pharmaceuticals, just outside of Cayce in Lexington County, is giving its more than 600 employees a pay increase.
“Every Nephron employee is getting a five percent raise,” said Nephron CEO and President Lou Kennedy at a Wednesday morning press conference. Kennedy praised the federal “Tax Cuts and Jobs Act” that was passed by the U.S. House and Senate last week, and signed by President Donald Trump, Friday. She said the legislation “had a direct impact on our businesses.”
The announcement attracted Gov. Henry McMaster, U.S. Sen. Lindsey Graham, U.S. Rep. Joe Wilson, Treasurer Curtis Loftis, S.C. AG Allen Wilson, State Sen. Nikki Setzler, Lexington County Council Chairman Todd Cullum, Columbia Mayor Steve Benjamin and Lexington Mayor Steve MacDougall. Many other county and regional business and industry leaders were on hand, with hundreds of cheering Nephron employees.
Kennedy said Nephron has hired more than 600, and it has developed 24 new products in 2017. Nephron has also hired 125 more people for another business it has created, said Kennedy.
McMaster was exuberant.
“This is like a dream come true,” he said. He said hopes the level of success experienced by Nephron can be spread throughout the state. McMaster, who lauded the federal tax cuts, also hinted that he will propose state tax cuts in the upcoming legislative year.
Bill Kennedy, Nephron founder and owner, urged the governor to seek ways to cut the state’s property tax and income tax, when he spoke Wednesday. “Think about how it will help people,” Kennedy said.
Graham said the average Nephron salary is $70,000 annually. He encouraged employees to calculate the amount of their raises, and then add another $2,000 to their income from the federal tax cuts.
“Thank you President Trump,” Graham said. He also said the tax cuts are for working people, and he added that Congress “did the right thing” to pass the tax cuts, despite criticism.
Wilson applauded Nephron for hiring “great people” and being committed to them. He also thanked the company for persevering.
After the addresses, Nephron employee Joanne Riley sang “God Bless America.”
The announcement was held in a flag-draped tent on the Nephron grounds. Lunch was served afterward for employees and guests.