Lowe's Gives Full-Time Employees a $300 Special Bonus

The payments are expected to cost Lowe's $80 million.
Author:
Publish date:

Lowe's  (LOW) - Get Report will make a $300 special payment to full-time workers while part-time and seasonal associates will get $150 each, as the home-improvement retailer looks to offset financial difficulties for its employees during the coronavirus pandemic. 

The payments are expected to cost the company $80 million, bringing the total that Lowe's pledged for pandemic relief to $250 million. 

"The changes we've announced today underscore our commitment to associates and our recognition of their unwavering support for our customers and communities," said Marvin Ellison, Lowe's CEO and president.

The company said that it will also continue to offer paid time off for qualified associates and telemedicine benefits for all full-time, part-time and seasonal employees. 

Lowe's also announced that beginning Monday all workers will be required to wear a face mask or an approved face covering while working in store or at a customer's home. 

The company also said that it has changed the layout of its stores to allow for more space in the aisles and has installed plexiglass protective shields at all points of sale. 

Lowe's also is limiting the number of people allowed in the store through a mobile app.  

Lowe's shares are down more than 11% year to date. The stock was rising 1.5% to $106 a share Monday. 

StreetLightning Videos With Jim Cramer: