Major home improvement giant, Lowe’s, announced this week that they will be offering their employees one-time bonuses as a result of the new tax law. They also stated that they will be looking into improving the benefits available to their employees.
Lowe’s employees over 260,000 hourly employees and is offering them bonuses up to $1,000. They also plan to offer stronger benefits packages that will include paid parental leave and assistance with adoption by the end of the year. The bonus that an employee receives will be dependent on how long they have worked for the company.
The home improvement store is headquartered in North Carolina, and stated that they will be able to book $75 million more in the last quarter of the fiscal 2017 year due to the new tax act. They added that Lowe’s is hoping to continue to invest back into their company so that they can meet the needs of their employees and their customers. The company will report their last quarter earnings at the close of February.
Over the next few weeks Lowe’s is expected to release more information about upcoming investments and details about what they will be doing to improve their benefits packages. The news of the bonus additions comes right after the Lowe’s board announced that they will allow a stock repurchase program to take place up to a value of $5 billion.