Lowe's shelling out $100M in coronavirus bonuses to hourly workers
Funds will push Lowe's total employee commitment to $500M
Lowe's Companies Inc. announced Thursday that it would be doling out an additional round of bonuses to support employees "with unforeseen expenses and hardships" during the COVID-19 pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE'S COMPANIES INC. | 264.68 | -0.54 | -0.20% |
On Aug. 21, full-time hourly associates will receive $300 and part-time and seasonal associates will receive $150. The August bonuses will match the funds previously provided to hourly associates March and May as well as earlier this month, the company announced.
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Lowe's said the total amount it is spending on this round of bonuses is about $100 million, pushing its total investment in coronavirus relief funding for associates to approximately $500 million.
Employees work inside a Lowe's store on Aug. 2, 2019, in Los Angeles, California. (Mario Tama/Getty Images)
"No one could have anticipated how long we would be navigating this pandemic together," Lowe's CEO Marvin R. Ellison said. "As we approach the start of another school year, our commitment to support our hard-working associates will continue into August."
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In addition to the multiple rounds of bonuses, the company had 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.
While the pandemic progresses, the company plans to continue offering telemedicine services to all associates and their families even if they are not enrolled in the company's medical plan.
The company will also continue to support communities through grants and PPE product donations, Lowe's said. To date, Lowe's has committed more than $100 million in assistance for health care workers, minority-owned small businesses and rural communities.
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