Please ensure Javascript is enabled for purposes of website accessibility

Lowe's to Give Yet Another $100 Million in Bonuses to Employees

By Rich Duprey – Updated Oct 30, 2020 at 1:27PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The home improvement warehouse has given six bonuses this year.

For the sixth time this year Lowe's (LOW -0.12%) announced it would be giving its employees $100 million in bonuses for their work during the pandemic. Once again the DIY warehouse will give all full-time employees $300 while part-time workers will get $150.

The total amount in bonuses Lowe's has shared with its workers is now $775 million. The retailer has made special payments in March, May, July, August, and October. The latest round will be given on Nov. 13.

Lowe's employee helping a customer

Image source: Lowe's.

In addition to giving bonuses to its employees, the home improvement warehouse also said it was hiring 20,000 workers for the holiday season. Lowe's says that throughout the pandemic it has hired 155,000 additional workers.

"As the holiday season approaches, we're especially grateful for our front-line associates who continue to maintain the highest level of customer service, and this bonus is our way of saying thank you and providing a little extra financial support for their families during this time," CEO Marvin Ellison said in a statement.

At the beginning of the COVID-19 outbreak, Lowe's also temporarily raised the wages of its workers by $2 per hour.

The retailer has also donated $100 million in personal protective equipment and grants, including $55 million to rural, minority-owned, and women-owned small businesses.

Rich Duprey has no position in any of the stocks mentioned. The Motley Fool recommends Lowe's. The Motley Fool has a disclosure policy.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.