Lowe’s to spend $100 million for an additional pandemic bonus for workers

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Lowe’s Cos. said Wednesday that it will spend $100 million to provide its workers with another bonus, bringing the total cost of additional worker compensation so far during the coronavirus pandemic to $775 million. All active U.S. hourly associates will be eligible for the bonus, which will be paid out on Oct. 16. Full-time workers will receive $300; part-time workers will get $150. The bonus amount matches previous bonuses in March, May, July and August. The home improvement retailer also raised pay for full- and part-time workers by $2 per hour for the month of April. Lowe’s and its related businesses employ about 300,000 workers. The company has also offered $55 million in grants to rural communities, small businesses and minority-owned businesses. Lowe’s fiscal year 2019 sales totaled $72.1 billion. Lowe’s stock has rallied nearly 38% for the year to date while the S&P 500 index has gained 4% for the period.
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