Walmart to Pay Frontline Workers $428 Million of Bonuses

Walmart is paying its frontline staff $428 million of bonuses. This third bonus brings the total special payouts Walmart has issued to $1.1 billion.
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Retail colossus Walmart  (WMT) - Get Report said Tuesday that it’s again paying cash bonuses - this time up to $428 million - to its store, club, distribution center and fulfillment center associates for their work during the coronavirus pandemic.

The bonus totals $300 for full-time hourly workers and $150 for part-time hourly and temporary staff. Drivers, managers and assistant managers in all the above facilities plus health-and-wellness workers also will reap the reward.

“Our associates have been working at an incredible pace, they’ve solved problems, and they’ve set an amazing example for others,” John Furner, chief executive of Walmart U.S., said in a statement.

U.S. staff, except for salaried office staff, employed by the Bentonville, Ark., company as of July 31 will qualify for the bonus, which will be paid out on Aug. 20. 

This marks the third special bonus Walmart has given to associates in 2020, totaling $1.1 billion, in addition to the regular incentive pay it provides to frontline associates every quarter.

Walmart also said Tuesday that Walmart and Sam’s Club stores will close on Thanksgiving Day, Nov. 26.

“We know this has been a trying year, and our associates have stepped up. We hope they will enjoy a special Thanksgiving Day at home with their loved ones,” Furner said.

Meanwhile, TheStreet.com reported earlier this month that Walmart planned to expand into selling health insurance plans. 

A company spokesperson said in an email that "we’re expanding our current insurance services to now include the sale of insurance policies to our customers."

Walmart shares recently traded at $133.03, up 1.2%. They have risen 12% year to date.