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Lowe's to hand out bonuses to employees

Image of the facade of local Lowe's store. The company announced Wednesday it was handing out a new round of bonuses to full-time and part-time employees in October. Photo courtesy of Lowe's
Image of the facade of local Lowe's store. The company announced Wednesday it was handing out a new round of bonuses to full-time and part-time employees in October. Photo courtesy of Lowe's

Oct. 7 (UPI) -- The home improvement company Lowe's announced Wednesday it will dole out discretionary bonuses to its employees in the United States this month in appreciation of their work during the coronavirus pandemic.

The company said full-time employees will get $300 while part-time and seasonal workers will receive an extra $150. In all, Lowe's will give some $100 million in bonuses.

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Lowe's gave bonuses to all of its hourly employees in March, May, July and August. The company said it has now committed more than $675 million in extra pay to its workers during the pandemic.

"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," Marvin R. Ellison, Lowe's president and CEO, said in a statement.

Along with the bonuses, Lowe's increased the pay for full-time, part-time and seasonal associates by $2 per hour during April. Lowe's will also close its stores on Thanksgiving to allow employees time off with their families.

"As we continue to provide extraordinary service to our customers throughout the pandemic, we are pleased to provide this additional bonus as a thank you to our associates for their perseverance and continued commitment to our customers," Ellison said.

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In a separate action, Lowe's said it made a $3.5 billion cash debt tender offer to reduce interest expense and manage the maturity profile of the company's outstanding debt.

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