Mooresville-based Lowe's announced Thursday plans to enhance benefits, including expanding maternity and parental leave. The company will also offer a one-time bonus up to $1,000 for more than 260,000 hourly employees.
"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 will award the one-time cash bonus to eligible full- and part-time hourly employees across all its U.S. facilities, including stores, customer support centers, contact centers and distribution centers.
There will also be enhanced benefits for employees, including expanded maternity and parental leave, as well as adoption assistance.
Eligible full-time hourly and salaried U.S. employees will qualify to receive:
- 10 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.
Lowe's also announced that it estimates that the impact of the Tax Cuts and Jobs Act of 2017 will result in an additional net tax expense of approximately $75 million in the fourth quarter of fiscal 2017. This charge, coupled with the one-time bonus, is expected to negatively impact the company's 2017 fourth quarter diluted earnings-per-share by approximately 14 cents.
For fiscal year 2018, Lowe's estimates that the net impact of tax reform on its tax provision and cash taxes paid will be positive.
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