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Walmart Employee Bonuses Approach $1 Billion This Year

By Rich Smith – May 12, 2020 at 3:02PM

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The latest round of bonuses suggests Walmart's staff has grown nearly 7% in two months.

Two months into the coronavirus pandemic in the U.S., Walmart's (WMT -2.50%) role as the nation's biggest grocer remains as essential as ever. To reward its employees for their hard work, today Walmart announced a second round of $300 cash bonuses for full-time employees.  

Full-time hourly associates will receive $300 on June 25, the company says. Part-time hourly and temporary associates will be paid an extra $150. Anyone hired by the company by at least June 5, and still employed on the payout date, should receive the appropriate bonus. Both Walmart and Sam's Club associates will be eligible.

Man reading letter and pumping fist in joy

Image source: Getty Images.

In a press release, Walmart noted that the total cost of this round of bonuses will come to $390 million. The company paid a first round of bonuses in April -- also $300 and $150, respectively -- which only totaled $365 million in cost because the company had fewer employees then. It therefore appears that in just the past two months' time, Walmart's hiring drive has increased total staff by some 6.8%.

Walmart also paid out a Q1 bonus on April 30 of $180 million. That means Walmart has now paid or committed to pay its employees bonuses in excess of $935 million this year.

"We are so grateful to our associates for being there for customers and members during this difficult time, serving communities across the country," said Kathryn McLay, President and CEO of Walmart's wholesale chain, Sam's Club. "Our associates' efforts have been exactly what the country needed during this historic and uncertain time. They've made a real difference."

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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