Fox and sister company News Corp. are the latest companies to announce plans to match the U.S. government’s one-time $1,000 contribution to so-called Trump Accounts, a children’s retirement savings program, for eligible U.S. employees.
Scheduled to launch in July of this year, the Trump Accounts are tax-advantaged investment accounts for American children designed to jumpstart their financial future. Through this pilot program, a contribution of $1,000 from the U.S. Treasury will be made into a specified account for every child born in the U.S. between January 1, 2025, and December 31, 2028.
Companies across sectors have announced matching contributions, including Comcast and Charter Communications in media as well as IBM, Chipotle, Intel, Uber, a number of financial firms and more.
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The accounts are part of the One Big Beautiful Bill Act the president signed into law last summer. They are a relatively bipartisan component of the controversial legislation that extends 2017 tax cuts, adds tens of billions for border security and immigration enforcement and boosts defense spending, while slashing Medicaid and food stamps and rolling back clean energy initiatives.
“This contribution match will help our employees provide a strong financial foundation for their children as they learn to save, invest and grow a healthy financial future,” said Fox CEO Lachlan Murdoch.
Said News Corp. CEO Robert Thomson, “The company’s matching contribution to our employees’ children is intended to fortify their finances at a crucial moment in their development.”