Target (TGT) - Get Report said Friday that until at least May 2 it was raising pay for employees in stores and distribution centers by $2 an hour, as the retailer contends with crowds of panicked shoppers stocking up on supplies in the face of the coronavirus pandemic.
The Minneapolis retailer said that with the $2-an-hour wage increase, store and distribution center hourly full-time and part-time team members will earn $240 to $480 more, on average, during this period.
In addition, Target said it is offering workers who are pregnant, are 65 years old or older, or have underlying health risks (as defined by the Centers for Disease Control and Prevention) and don’t feel comfortable working access to paid leave for as long as 30 days.
In April, Target said that for the first time it would pay out bonuses - ranging $250 to $1,500 - to 20,000 hourly team leads who oversee individual departments in Target stores.
Also, Target will donate $10 million to expand relief and assistance to organizations helping respond to the coronavirus. This includes $1 million to the Target Team Member Giving Fund to assist team members who are most affected by the coronavirus.
"We continue to experience incredible demand across our business, and Target's ability to help our guests in this unprecedented time would not be possible without the strength of our team," Chief Executive Brian Cornell said in a statement. "I am proud and humbled by the dedication and humanity they show to our guests every day."
At last check Target shares were down 2.1% to $98.39.
The world's largest retailer said it would be hiring for positions in its stores, clubs, distribution centers and fulfillment centers.
Walmart also said it would give bonuses to all U.S. hourly employees on April 2.
Full-time staffers will receive a bonus of $300, while part-timers will get $150. The bonuses will add up to more than $365 million, Walmart said.