Amazon to Pay $500M Bonuses to Employees Who Worked in June

Amazon will pay bonuses totaling $500 million to employees who worked during the month of June.
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Amazon  (AMZN) - Get Report will pay bonuses totaling $500 million to employees who worked during the month of June.

The Seattle online and offline retailer and tech provider is paying $500 bonuses to full-time Amazon and Whole Foods staff and delivery-service drivers who worked during June. 

Part-time employees will receive $250 bonuses while front-line Amazon and Whole Foods "leaders" will receive $1,000 bonuses, delivery-service partner-owners will receive $3,000, and Amazon Flex drivers with more than 10 hours in June will receive $150. 

All told, Amazon plans to give out about $500 million in bonuses for employees who worked between June 1 and June 30.  

"Our front-line operations teams have been on an incredible journey over the last few months," said Dave Clark, senior vice president of worldwide operations at Amazon.

The move comes after Walmart  (WMT) - Get Report, Amazon's biggest rival, paid another special cash bonus - its third round of bonuses this year - to all hourly workers in their June 25 paychecks. 

The Bentonville, Ark., retailer said that the $300 cash bonuses for full-time hourly workers and $150 for part-time workers will add more than $390 million to the more than $545 million the company has paid out in bonuses this year amid the coronavirus pandemic. 

“Our associates’ efforts have been exactly what the country needed during this historic and uncertain time," the company said.

On Monday, analysts at Moness Crespi Hardt raised their price target on Amazon shares 25% to a Wall Street-high $3,500 from $2,800. The firm's analysts doubt that the recent spike in coronavirus cases will hurt the company. The estimate indicates 30% potential upside from the stock's closing price on Friday.,

Amazon shares at last check fell 0.8% to $2672.52 while Walmart shares rose 0.9% to $119.32. 

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