Lowe’s confirmed Thursday it plans to give its workers bonuses of up to $1,000, along with other worker-related benefits, thanks to tax reform.
Lowe’s will give more bonuses of up to $1,000 to more than 260,000 hourly workers and will expand benefits such as adoption assistance and paid parental leave as a result of the recently passed Tax Cuts and Jobs Act.
Lowe’s said it will “continue to make investments to better meet the needs of customers and its employees.”
The home improvement giant added that it will provide more details in its fourth-quarter earnings report on February 28.
Home Depot, a Lowe’s competitor, announced last week that its workers will receive a bonus of up to $1,000 due to the Tax Cuts and Jobs Act.
“This incremental investment in our associates was made possible by the new tax reform bill. We are pleased to be able to provide this additional reward to our associates,” Home Depot chief executive Craig Menear said in a statement.
Home Depot co-founder Bernie Marcus slammed Democrats, including House Minority Leader Nancy Pelosi (D-CA), for chiding the Republican tax bill. Pelosi referred to the benefits that Americans received from the bill as “crumbs.” She also called the benefits “pathetic.”
Marcus said on Fox News on Saturday:
They are going to do smart things. They are going to make smart moves, and that will take a period of time, just like the small businesses. This is not going to turn overnight. Corporations are not going to open 14 buildings overnight. Come on, give me a break, you’ve got to use your brains. I mean, Democrats, use your stupid brains, you don’t have any stupid brains and don’t understand what happens.
President Donald Trump tweeted on Sunday, “Our economy is better than it has been in many decades. Businesses are coming back to America like never before. Chrysler, as an example, is leaving Mexico and coming back to the USA. Unemployment is nearing record lows. We are on the right track!”:
Our economy is better than it has been in many decades. Businesses are coming back to America like never before. Chrysler, as an example, is leaving Mexico and coming back to the USA. Unemployment is nearing record lows. We are on the right track!
— Donald J. Trump (@realDonaldTrump) January 28, 2018