On Monday, the retail giant announced that the bonus is a gesture to thank its more than 350,000 frontline team members.
“In a year like no other, I’m proud of what this team has accomplished and grateful for the care and connection they’ve provided our guests and communities,” said Melissa Kremer, Target’s chief HR officer. “Target’s success this year is a direct result of our team members turning our purpose into action and meeting our guests’ changing needs day after day.”
Besides increasing the minimum wage to $15 in July, it’s the fourth time the company has given bonuses this year.
However, Target is not the only company to announce additional bonuses for its frontline workers. Earlier this month, Lowe’s (LOW) - Get Lowe's Companies Inc. Report also announced $100 million in bonuses for its hourly employees.
"Throughout the spring, summer and now into fall, our front-line associates have shown remarkable resilience and dedication to our communities in the most trying times we have faced together," said Lowe's CEO, Marvin Ellison, in a statement.
This is the sixth time the company has given additional pay to its employees this year. Lowe's has about 300,000 full-time employees.
It's worth noting that Amazon is one of the few companies whose revenue is increasing despite the pandemic. The retailer's net income in second quarter increased to $5.2 billion from $2.6 billion a year prior.