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Lowe's handing out $1,000 bonuses, expanding parental leave

By Dave Faherty, wsoctv.com
By Dave Faherty, wsoctv.com

MOORESVILLE, N.C. — 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."

[RELATED: Employees getting major bonuses after new tax law changes passed in December]

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 said a 20-year full-time worker will receive the full $1,000 bonus. Someone with the company for less than two years will take home $150.

Lowe's also announced that it estimates that the impact of the Tax Cuts and Jobs Act of 2017 will result in 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.

Several people are crediting the White House for the bonus.

"I think it's great that Trump has done something that's helping the regular Americans out,” customer Doug Sharrow said.

[RELATED: Owl nest at Lowe's prompts 'do not touch' sign]

Teresa Bailey, a 15-year employee from Lowe’s in Hickory, will receive an extra $750 in her paycheck.

"I'd like to do a family trip this summer and it fell right into place,” Bailey said. “God always looks after us and gives us something when we need something."

Larry Wiseman, who has been working at the store in Morganton for 19 years, will also get more money in his paycheck, after learning about the bonus from He got the word in the break room from a coworker.

"He said, ‘Did you get that email’ and I said, ‘No, I didn't check the email today, and he said, ‘We're supposed to get up to a $1,000. I said, ‘Wow, it was out of the blue."

[RELATED: Bank of America 4Q profits fall by 48 percent due to tax law]

For fiscal 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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