Lowe's announces another $80M in worker bonuses, to hire more than 50,000 workers
Funds mark the seventh bonus or special payment offered to Lowe's hourly associates during the pandemic
Lowe's Companies Inc. on Thursday announced plans to invest another $80 million in its frontline workforce through discretionary bonuses in an effort to recognize "their continued dedication" during the pandemic.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE'S COMPANIES INC. | 262.98 | +3.59 | +1.38% |
On Feb 5, all full-time hourly U.S. associates across its stores, distribution centers and call centers will receive a one-time payment of $300, according to the company. Part-time and seasonal associates will receive a payment of $150.
LOWE'S TO GIVE ANOTHER $100M IN BONUSES TO HOURLY EMPLOYEES
The funds mark the seventh bonus or special payment offered to hourly associates during the pandemic. The extra $80 million will bring the company's total financial commitment over the past year to nearly $1.3 billion.
The Mooresville, N.C.-based home-improvement chain, whose sales have surged over the course of the pandemic thanks to home-bound DIYers, is also planning to ramp up its workforce ahead of its busy spring season.
Lowe’s associate helping a customer. (Lowe's)
The company is actively filling over 50,000 full-time and part-time, and seasonal positions across its U.S. stores. The hiring spree builds upon the company's earlier effort in hiring more than 90,000 associates into permanent roles over the past year, according to Lowe's.
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Lowe's CEO Marvin Ellison commended the associates for serving during the pandemic and keeping homes safe throughout the year.
"As we approach spring, I am enormously proud of the way our associates have served customers and supported each other this past year through an unprecedented health crisis," Ellison said.