Lowe's (NYSE:LOW) is boosting the amount of money it is paying out to its employees during the coronavirus pandemic, announcing it will pay them another $100 million in bonuses.
The home improvement warehouse said it wanted to "recognize and reward front-line associates" for their work through the crisis, so it was giving each full-time employee a $300 bonus while part-timers would get $150. The bonuses, which will be paid in mid-July, are similar to the payments made to workers in March and May.
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The new incentive brings to $450 million the amount Lowe's has set aside for employees and communities during the crisis.
Most of the money has gone to its workers, though. In addition to the three rounds of bonuses, Lowe's also raised employee pay by $2 an hour for the month of April and gave them $87 million in profit-sharing bonuses in June. The DIY giant also let all employees use its telemedicine service, even if they weren't enrolled in any of Lowe's medical plans.
The retailer also donated $70 million in grants and personal protective equipment.
Amazon.com (NASDAQ:AMZN) just announced that it was also giving its employees an extra bonus. The retailer said full-time workers at Amazon, Whole Foods Market, and even drivers for its delivery service partners will receive a $500 bonus while part-time employees will get $250, for a total of $500 million.
Many consumers are hoping a second stimulus check from the federal government will also materialize, as people are still coping with many businesses having been shut down for over 100 days. In addition to the first $1,200 stimulus checks received, unemployed workers received $600 per week in benefits.