Lowe's announces bonuses and benefits

Lowe's announced a hike in benefits for employees, including bonuses and parental leave. (Jonathan Babin/Flickr)

Lowe's Companies announced plans to expand its maternity and parental leave—including adoption assistance—while offering a one-time bonus for more than 260,000 employees. The hourly workers will get up to $1,000 each along with the already standing store-level bonus program. 

CEO, President and Chairman Robert Niblock said the move was reflective of the company's commitment to employees and customer experience, as well as the impact of the recent federal tax reform. 

The company estimated that the Tax Cuts and Jobs Act of 2017 will results in a net tax expense of $75 million in the fourth quarter of the last fiscal year. 

The news comes just a week after several other retailers, including Starbucks and The Home Depot, announced they would be giving out bonuses in light of the recent tax reform. 

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In addition to bonuses to workers in stores, customer support centers, contact and distribution centers, employees will receive other benefits including 10 weeks of paid maternity leave and two weeks of paid parental leave. Plus, adoption assistance up to $5,000 and the ability to enroll in health benefits sooner, as early as following the first 30 days of service. 

The announcement comes on the heels of other big news for Lowe's, including the recruitment of more than 53,000 seasonal associates and the agreement to be one of the founding retailers in Apple's new Business Chat.