Lowe's Cos. Inc. will pay a one-time bonus of up to $1,000 to more than 260,000 employees due to the U.S. tax reform, CNBC reported Jan. 31, citing an internal company memo.
The news came just days after the home improvement retailer's board approved a $5 billion common stock repurchase program.
The company will also expand its full-time workers' benefits package to include paid maternity leave for 10 weeks, paid parental leave for two weeks, a $5,000 adoption assistance and faster eligibility for health benefits, CNBC reported. Lowe's reportedly declined to comment on how the bonuses will be divided based on tenure.
Lowe's closest rival, The Home Depot Inc., on Jan. 25 announced that it is also giving out a one-time bonus of up to $1,000 to employees before the end of its fiscal fourth quarter. On Jan. 11, supermarket giant Wal-Mart Stores Inc. said it will pay workers a one-time bonus of between $200 and $1,000 on top of its planned minimum wage hike.
