Home Depot is awarding its hourly employees in the U.S. a one-time cash bonus of as much as $1,000 following the passage of new tax legislation.
The bonus amounts will be determined based on a person’s length of service, similar to Walmart’s strategy. All of Home Depot’s U.S. hourly workers will get at least a $200 bonus, a spokeswoman told CNBC, and the maximum payout is $1,000 for workers who’ve served at least 20 years.
The sliding scale looks like this, a Home Depot employee said after attending a company meeting regarding the news:
Less than 2 years: $200 bonus
2 to 4 years: $250 bonus
5 to 9 years: $300 bonus
10 to 14 years: $400 bonus
15 to 19 years: $750 bonus
20+ years: $1,000 bonus
Home Depot declined to comment on these amounts.
Home Depot joins a growing list of corporations, and many retailers, using new tax benefits to invest in their workers. full story