Lowe's to give another $100M in bonuses to hourly employees
This round of bonuses will bring Lowe's coronavirus relief funding to more than $775M
Lowe's announced Wednesday that it's giving an additional round of bonuses this month to hourly associates to recognize them "for their continued service" during the COVID-19 pandemic.
LOWE'S SHELLING OUT $100M IN CORONAVIRUS BONUSES TO HOURLY WORKERS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE'S COMPANIES INC. | 272.43 | -0.76 | -0.28% |
All U.S. hourly associates within Lowe's stores, distribution centers and store support centers will receive the bonus on Oct. 16.
The October bonus will match the funds Lowe's provided to all hourly workers in March, May, July and August, with full-time employees receiving $300, and part-time and seasonal employees getting an extra $150.
Employees work inside a Lowe's store on Aug. 2, 2019 in Los Angeles, California. (Photo by Mario Tama/Getty Images)
Lowe's said the amount it is spending on this round of bonuses is about $100 million, pushing its total investment in coronavirus relief funding for employees and communities to more than $775 million.
AMAZON, LOWE'S TO PAY BONUSES TO ESSENTIAL WORKERS
"Throughout the spring, summer and now into fall, our front-line associates have shown remarkable resilience and dedication to our communities in the most trying times we have faced together," Lowe's CEO Marvin Ellison said. "We are pleased to provide this additional bonus as a thank you to our associates for their perseverance and continued commitment to our customers."
Aside from the additional funds, the company also announced it will be closing stores on Thanksgiving in order to give its employees "time off to recharge with their families."
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So far this year, the company provided over $675 million in incremental financial support to associates.
Aside from the multiple rounds of bonuses, the company also increased pay for full-time, part-time and seasonal associates by $2 per hour for the month of April, around the height of the pandemic.
Lowe's also committed more than $100 million in community relief funds during the pandemic, the company said.
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