Lowe’s Companies Inc. is enhancing its maternity and parental leave benefits and adding adoption assistance for eligible American employees in light of the new U.S. tax reforms.
Full-time hourly and salaried U.S. employees will 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 the expenses related to agency, legal and other fees; and eligibility to enrol in health benefits sooner, on the first of the month following 30 days of service.
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“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,” said Robert Niblock, the company’s chairman, president and chief executive officer, in a news release.
The home improvement company will also offer a one-time bonus up to $1,000 for its more than 260,000 full- and part-time hourly employees. The bonus is in addition to Lowe’s store-level bonus program.
The new tax reforms, which were signed into law at the end of 2017, include the provision that employers offering paid family and medical leave programs that meet specified conditions are eligible for a temporary tax credit starting in 2018, according to a report by Willis Towers Watson.
Chipotle is also reinvesting more than one-third of its anticipated savings from the tax law changes into its employees, according to a press release. This includes additional paid parental leave coverage, life insurance and short-term disability insurance coverage for hourly restaurant managers, as well as a a one-time stock grant and a one-time cash bonus of up to $1,000 for eligible employees.
“With these expanded offerings, we’re thanking our employees for their hard work and dedication to our company,” said Steve Ells, founder, chairman and chief executive officer at Chipotle.
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