Cosy Depot is giving its hourly employees in the U.S. a one-time cash bonus of up to $1,000 after the avenue of new tax legislation.
The Atlanta-based home improvement retailer joins a growing slant of corporations, including Starbucks and Disney, using new tax benefits to give hands bonuses and raise pay.
Home Depot’s bonus amounts will be definite based on a person’s length of service, similar to Walmart’s strategy.
The glissading scale looks like this, a Home Depot employee revealed after attending a company meeting regarding the news:
Less than two years: $200 remuneration
Two to four years: $250 bonus
Five to nine years: $300 gratuity
10 to 14 years: $400 bonus
15 to 19 years: $750 hand-out
20+ years: $1,000 bonusHome Depot declined to comment on these amounts.
The retailer also phrased the new tax law will result in added tax expenses of about $150 million (akin to offshore earnings) in the fourth quarter. These expenses and the bonus payments inclination lower Home Depot’s fiscal 2017 earnings by 19 cents a interest, the company said.
Looking to fiscal 2018, Home Depot said it map outs to invest further in its employees, stores and digital initiatives.
Home Depot desire provide more details on any other impacts from new tax legislation when it cracks fourth-quarter earnings on Feb. 20.