Following last December’s corporate tax cuts, dozens of companies from AT&T to Walmart have announced bonuses and pay rises for their employees. But how much of the windfall is actually ending up in the hands of workers?

The answer is less than you might think, according to an analysis of the first 105 announcements. Just Capital, which tracks corporate performance on a range of corporate responsibility-type metrics, finds that just 6% of capital allotted so far is going to staff, while 58% is going to shareholders in the form of dividends, share buy-backs, or retained earnings.

And, of that 6% for workers, more than half is in the form of bonuses, meaning the transfers are set to be short-lived. If workers are getting at least some money from the tax cuts, it’s not necessarily in form of ongoing remuneration.

Home Depot is one company that’s promised bonuses but which is actually giving most of its savings to shareholders. The retailer announced in January that it was awarding bonuses on a sliding scale based on its associates’ length of service. Those with less than two years will get $200. Those with 15 to 19 years service will get $750.

That doesn’t sound bad. But, according to Just Capital, it’s not much in the grand scheme of things. When it calculates annual savings from corporate tax rates falling from 35% to 21%, and from offshore earnings repatriated at a one-time rate of 15.5% over five years, it expects Home Depot to save $1.4 billion a year. Its bonuses for front-line workers represent just 1% of that, even as shareholders stand to gain 99% of the pile.