Lowe's using tax savings to give 260,000 employees bonuses, enhance benefits
Home improvement retailer Lowe’s announced Thursday that it plans to enhance benefits and offer a one-time bonus up to $1,000 for its more than 260,000 hourly employees.
In a press release, the North Carolina-based company said the bonuses would be paid in addition to the company’s long-standing store-level bonus program.
“We are investing in our employees who make a difference every day in the communities where we live and work,” said Robert A. Niblock, Lowe’s chairman, president and CEO. “Our employees are the foundation of our business and we are excited to enhance our benefits to better meet their needs and the needs of their families.”
Lowe’s announced that in addition to improving its benefits package that eligible full-time hourly and salary employees in the U.S. will qualify to receive:
- Ten weeks of paid maternity leave and two weeks of paid parental leave
- An adoption assistance benefit to cover up to $5,000 of expenses related to agency, legal and other fees
- Eligibility to enroll in health benefits sooner, as early as the first of the month following 30 days of service
Niblock attributed the new tax reform plan as the catalyst for the announcement.
“Today’s announcement is another example of how we will continue to invest in our employee and customer experience as we continue to evaluate the impact of tax reform,” he said.
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