Home Depot, the world's largest home improvement specialty retailer, announced plans to award $200 to hourly workers and $1000 to workers who have been with the company for at least 20 years in response to newly passed tax reform.
CEO Craig Menear said in a statement:"This incremental investment in our associates was made possible by the new tax reform bill."
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The company further announced in the statement it would have full year guidance for fiscal 2018 on Feb. 20, but estimates the Tax Cuts and Jobs Act of 2017 will have positive effects on the Home Depot's finances. The company added that in 2018, given the changing retail environment, it intends to "invest in its associates, its stores and the customer experience."
Home Depot employs more than 400,000 associates and owns 2,284 retail stores throughout the United States, U.S. territories, Canada, and Mexico.
The home improvement giant joins other major U.S. companies in announcing bonuses or raises because of the Republican tax reform law, including Walmart, Walt Disney Company, JP Morgan Chase, Boeing, AT&T, and many others.