MyLowesBenefits – Lowes Employee Benefits 2022

Health Benefits

Eligibility – After 89 days of continuous employment, regular full-time employees.

• Medical Plans
• Prescription Drug Plan
• Dental Low Plan
• Dental High Plan
• Vision Low Plan
• Vision High Plan
• My Life Track Health and Wellness Benefits

Life Insurance Benefits

Employees who work by the hour got one-time base annual compensation, rounded to the closet $1,000; maximum $500,000.

Salaried Employees got One year’s base pay, rounded up to the nearest $1,000; maximum of $250,000.

Employee coverage is capped at $10,000. Employees who enroll in the Basic and Supplemental Term Life Options are not eligible for this plan.

$25,000 to $250,000* for a spouse
$5,000 to $20,000 for children

This is a Lowe’s Benefit that gives an employee a second chance at life. If an employee dies as a result of an accident while on company business, an employee will be covered by insurance.

Maximum Payout $3,000,000. One to eight times base yearly pay rounded to the nearest $1,000.

Evidence of Insurability is required for amounts greater than three times annual basic wage or $500,000.

Coverage is available up to $1,000,000; coverage is Amounts can’t be more than ten times your annual base salary.

Income Protection Benefits

Six days (48 hours) of sick time are accumulated each year.

There is no limit to the number of sick days that can be carried forward. Sick days can be used to celebrate a child’s birth or adoption.

In the event of serious, long-term illness or injuries, this plan provides disability income protection.

The Plan works in conjunction with Worker’s Compensation and Social benefits to pay qualifying employees a monthly benefit of:

– For salaried personnel, 60 percent of normal base pay plus a management bonus up to $25,000 per month after 90 days of continuous disability.

– For hourly employees, 60 percent of normal base pay plus a management bonus up to $20,000 per month after 90 days of continuous disability.

The benefit begins for full-time hourly employees on the 15th day of a recognized continuous disability, or the first day after basic sick pay hours have been spent, whichever comes first.

The benefit begins for full-time salaried employees after three days of continuous disability and the usage of basic sick pay hours.

If no basic sick pay hours are available, the benefit will be retroactive to the first day.

– Regular, full-time hourly employees receive 60% of their standard base pay salary, up to $4,615 per week in benefits.

– Regular full-time salaried employees receive 100% of their typical weekly base pay.

Retirement Benefits

Lowe’s 401(k) Plan is designed to assist the employee in making financial plans and investments for the future.

Through the ease of payroll deduction, the employee can save from 1% to 50% of your qualified compensation, up to $18,000 in the calendar year, on a pretax basis.

Lowe’s has a Share Acquire Plan, which allows employees to purchase Lowe’s common stock at a 15% Discount.

Participants in the Plan can contribute a fixed sum or an even percentage of their base pay up to 20% of their base salary after taxes through payroll deduction.

Time Off Benefits

After 180 days of employment, all regular full-time and regular part-time employees.

Lowe’s usually offers the following six paid vacation days:

The holidays of Thanksgiving and Christmas are set in stone. For each fixed holiday, full-time employees will receive eight hours of holiday pay while part-time employees will receive four hours of holiday pay.

Employees can also earn up to 4 more floating holidays, with the option of choosing which day to use as a floating holiday.

Part-time employees accrue at a rate of 4 hours per day, while full-time employees accrue at 8 hours per day.

Lowes Other Perks

•Flexible Spending Account (FSA)
• Critical Illness Plan
• Off-the-Job Accident Plan
• Fixed Indemnity Plan
• Auto & Home Insurance
• Tuition Reimbursement Program
• Discount Tuition Program
• Preventive Health Plans for Part-Time Employees
• Part-Time Employees Dental Plan
• Part-Time Employees Vision Plan
• Part-Time Employees Short-Term Disability Plan
• Part-Time Employees Life Insurance Plan