Lowe's increases pandemic commitment to more than $450 million, providing additional bonus to recognize associates

Rhea-AI Summary

Lowe's Companies, Inc. (NYSE: LOW) announced $100 million in bonuses for its front-line associates amid ongoing COVID-19 challenges, raising total pandemic-related support to over $450 million. Full-time associates will receive $300, while part-timers and seasonals will get $150, complementing earlier bonuses. Additionally, Lowe's increased hourly wages by $2 in April and allocated $87 million in profit-sharing bonuses. The company also donated $70 million to support healthcare workers and minority-owned businesses. This commitment highlights Lowe's focus on employee welfare and community support during the pandemic.

Positive

• Total pandemic support increased to over $450 million.
• Bonuses of $100 million for front-line associates.
• Full-time associates receive $300, part-time $150.
• Hourly wage increase of $2 in April.
• Additional $87 million in profit-sharing bonuses.
• Donation commitments totaling $70 million for community support.

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• None.

MOORESVILLE, N.C., June 29, 2020 /PRNewswire/ -- From the beginning of the pandemic through recent days as COVID-19 begins to reemerge in states across the U.S., Lowe's dedicated associates have gone above and beyond to serve Lowe's communities. Lowe's Companies, Inc. (NYSE: LOW) today announced $100 million in bonuses to recognize and reward front-line associates for their outstanding contributions, increasing the company's total commitment to associates and communities during the pandemic to more than $450 million.

"This year has been full of challenges and uncertainty, and we are tremendously grateful for the hard work, dedication and commitment of our front-line associates," said Marvin Ellison, Lowe's CEO and president. "At Lowe's, we believe that our homes and our communities unite us, and we thank our associates for providing our customers with essential products and services while supporting our communities and medical professionals."

All active hourly associates in Lowe's U.S. stores, distribution centers and store support centers will receive the bonuses in mid-July. Full-time hourly associates will receive $300, and part-time and seasonal associates will receive $150 – matching the funds provided to all hourly associates in both March and May.

In addition to these bonuses, Lowe's increased pay for full-time, part-time and seasonal associates by $2 per hour for the month of April. The company also previously announced $87 million in profit-sharing bonuses to front-line associates in June and continues to offer telemedicine services to all associates and their families, even if they are not enrolled in Lowe's medical plans.

The company has also increased its support of communities in recent weeks, providing a total of $70 million in donation commitments through grants and PPE product donations to those who need it most, including healthcare workers and minority-owned small businesses.

For more information about Lowe's ongoing support of associates, customers and communities during the pandemic, visit newsroom.lowes.com.  

About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

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SOURCE Lowe's Companies, Inc.

FAQ

What is Lowe's recent announcement regarding employee bonuses?

Lowe's announced $100 million in bonuses for front-line associates, raising its total pandemic commitment to over $450 million.

How much will full-time and part-time associates receive as bonuses?

Full-time associates will receive $300, and part-time or seasonal associates will receive $150 in bonuses.

What other financial support has Lowe's provided during the pandemic?

Lowe's increased hourly wages by $2 in April and allocated $87 million in profit-sharing bonuses to associates.

What is the total amount of Lowe's donations to the community?

Lowe's has committed a total of $70 million in donations to support healthcare workers and minority-owned businesses.

When will the bonuses be distributed to Lowe's associates?

The bonuses for Lowe's associates will be distributed in mid-July.