Lowe’s is an incredible American retail company that specializes in home improvement. It operates a chain of retail home improvement and hardware stores.
Being the second-largest hardware chain in the US, behind The Home Depot, Lowe’s has worked hard to earn fame. It has not only worked for its customers but for its employees too.
The self-service online portal is developed and maintained by the company to serve more than 250,000 employees by managing their needs. The employees get different benefits by enrolling in such programs.
And today in this article, we will tell you all about these benefits programs. So, if you are an employee at Lowe’s or if you want to become one, this article is for you!
What are the MyLowesLife Employee Benefits Programs?
Employees are a company’s greatest and real competitive advantage. Customers will never love a company until its employees love it first. And it looks like Lowe’s agrees upon these statements because it offers multiple employee benefits programs.
Lowe’s is invested in its associates’ future and demonstrates such commitment by providing them a wide range of benefits to assist all aspects of their health. They offer all part-time and full-time workers access to benefit programs that help them stay healthy not only physically and financially but also mentally.
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The MyLowesLife Employee Benefits Programs are some exceptional benefits and wellness programs for all eligible employees at Lowe’s. These benefits range from vision, health, and dental insurance to parental and family-building benefits.
You can read about all the different programs offered later in this article.
Benefits for employees at Lowe’s:
Here is a quick list of benefits that Lowe’s employees receive from the company:
- They receive a competitive pay.
- The company offers health, vision and dental insurance.
- Life and disability insurance is also offered.
- Paid vacation holidays, sick and volunteer time given by Lowe’s.
- The company also lets you manage a flexible spending and health savings account.
- Retirement accounts with company match.
- Maternity and parental leaves are provided.
- Business travel accident insurance.
- Adoption assistance is also provided.
- Education support programs, which include trade skill scholarships and tuition reimbursement, are also offered.
- No-cost counseling, work/life services and concierge- all included in Employee Assistance Program are offered.
- Lowe’s associates also receive associate discounts and broad discount platforms.
Lowe’s Employee Benefit Programs:
Lowe’s recognizes the importance of employee benefit programs and the major role they play in joining the company. So, here is a guide for you to know about these programs which vary for full-time and part-time employees.
Medical Plans: this plan is eligible for regular full-time employees who have worked for 89 days continuously. There are further 3 options that are offered at most Lowe’s locations- Option 1, Option 2, and HDHP. Some stores also offer HMO plans. For the annual deductible fee, you can visit the official website myloweslife.com and learn more about it.
Dental Plans: there are two dental plans available –low and high dental plans. All regular full-time employees who have worked for at least 89 days continuously are eligible for these plans.
Prescription Drug Plan: Regular full-time employees who have worked for at least 89 days continuously are eligible for this plan. When you enroll for a full-time medical plan, you automatically get a Prescription Drug Plan.
My Life Track Health and Wellness Benefits: all the employees at the date of hire are eligible for this plan. Through this plan, the company offers employees and their eligible family members wellness and health programs that include smoking cessation, lifestyle management, legal, financial services, and work/life services.
Vision Plan: similar to the Dental Plans, there are two vision plans- low and high. These are also available for employees with regular full-time for at least 89 days.
Income Protection benefits
Basic Sick Pay: Applicable to all regular full-time employees after 89 days of constant work. In this benefit program, employees get sick leaves accrued at a rate of 48 hours per year. Unused sick leaves can be carried forward without any limit on days accumulated.
Short-Term Disability Insurance: all regular full-time salaried employees from the first day of employment and all the regular full-time hourly employees after 89 days of continuous employment are eligible for this plan.
The company offers some basic benefit payments for the employees that are payable up to 13 weeks for all salaried employees and 11 weeks for hourly employees.
Long-term Disability Insurance: all regular full-time salaried employees from the first day of employment and all the regular full-time hourly employees after 89 days of continuous employment are eligible for this plan.
This plan works with Social Security benefits and Workers’ Compensation to provide the eligible employees with monthly benefits in case of severe, long-lasting illness, disability, or injuries.
Life Insurance Benefits
Hourly Employee Term Life Insurance: All regular full-time hourly employees after 89 days of continuous work are eligible for this program. Employees enrolled for the basic term or supplemental term plan are not eligible for this plan. The company offers flat $10,000 coverage for the employees.
Basic Term Life Insurance: all regular full-time salaried employees from the first day of employment and all the regular full-time hourly employees after 89 days of continuous employment are eligible for this plan. The employees get one-time base annual pay rounded off to the nearest $1,000.
Dependent Term Life Insurance: After 89 days of continuous work, all regular full-time employees can opt for this program. Spouse and children get up to $250,000 and $20,000 insurance respectively.
Accidental Death and Dismemberment Insurance: After 89 days of continuous work, all regular full-time employees can opt for this program. The company offers coverage available up to $1,000,000 but it cannot exceed 10 times their annual base salary.
Business Travel Accident Insurance: From the first day of employment, all regular full-time employees are eligible for this plan where they get insurance benefit should their death occur due to an accident while traveling on any company business.
Supplement term Life Insurance: After 89 days of continuous work, all regular full-time employees can opt for this program. Employees get one to eight times their base annual pay rounded off to the nearest $1,000.
Time off benefits
Holiday: All regular full-time salaried employees, on their first day of employment, and hourly and part-time employees, after 90 days of employment are stand eligible for paid holidays.
The full-time employees will receive 8 hours holiday pay for each fixed holiday whereas part-time employees will receive 4 hours holiday pay. Employees can also apply for additional 4 floating holidays.
Vacation: after 180 days of employment, all regular part-time and full-time employees are eligible for taking paid vacations for .110 hours to 160 hours depending upon their employment type and years of service.
Retirement Benefits programs
401 (k) Plan: All employees after 6 months from their original hire date at the company are eligible for opting for this plan. This program is specially designed to help the employees at Lowe’s plan and invest for their future. It allows them to save from 1% to 50% of their eligible compensation on a pre-tax basis through payroll deductions.
Stock Purchase Plan: All regular full-time employees on June 1 or December 1 or on/after the first day of their employment; regular part-time employees on June 1 or December 1 or on/after one year of service are eligible for purchasing common stocks of Lowe’s at a discounted price of 15%.
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Other benefits received:
- Off-the job accident plan
- Critical illness plan
- Flexible Spending Account
- Fixed Indemnity Plan
- Part-time Employees Dental and Vision Plan
- Part-time Employee Life Insurance Plan
- Part-time Employee Short-term Disability Plan
- Auto and Home Insurance
- Discount Tuition Program
- Health Savings Account
- Preventive Health Plans for Part-time Employees
Lowe’s is a well-known and trusted American company that offers building and home improvement supplies. Founded back in 1912, Lowe’s is now headquartered in North Carolina.
Initially, the company sold its products to only professional contractors and its stores looked like small hardware shops. Later, the company expanded its products line from only large tools and building supplies to home decorations, appliances, and garden products.
Lowe’s has over 2,015 locations around the United States and Canada with 300,000 employees. There were some stores operated in Mexico and Australia however, all these stores were closed eventually.
- How do I access My Lowe’s Benefits Programs?
In order to access these benefit programs, you must visit www.myloweslife.com and log in with your Sales number and Password. Once you click on the login option, you will be successfully logged in to your account. Through the account dashboard and its options, you can easily access the Lowe’s Benefits Programs for which you are eligible.
- How often does the company pay?
Lowe’s pays their employees biweekly.
- Why can I not login on My Lowes Life?
You can try these troubleshooting methods to see if the problem is some minor technical issue: try to enter the password and ID again carefully; reload the page or try again after some time; you can try logging in from another compatible device; you can also try clearing your browser cache and then, try to log in again.
So, here was the complete guide for the different benefit programs offered by Lowe’s for its associates. You can easily opt for the program you are eligible for, by logging on to the mentioned website or contacting your HR.
If you have further queries or you want to share some detail that we missed, please feel free to comment down below!