Lowe’s to Pay Another $100M in Bonuses for Hourly Employees during COVID-19 Pandemic

10/8/20

By Jay Wilson, NC BIZ News

Home improvement retailer Lowe’s will dole out $100 million in discretionary bonuses to its hourly associates to recognize their efforts during the COVID-19 pandemic, the company announced on Wednesday.

According to the press release, full-time associates will receive $300, while part-time and seasonal employees will receive $150. The bonuses will be paid on Oct. 16.

“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. As we continue to provide extraordinary service to our customers throughout the pandemic, we are pleased to provide this additional bonus as a thank you to our associates for their perseverance and continued commitment to our customers,” CEO Marvin Ellison said in the release.

Lowe’s has now put more than $675 million in financial support toward its associates with the latest round of bonuses. The company previously announced other measures to support front-line workers, including providing the day off to all employees nationwide on Thanksgiving by closing its stores and increasing pay by $2 an hour for all hourly employees in April.

Shares of Lowe’s (LOW) closed up $3.48 at $168.47 a share.

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