Lowe's boosts total pandemic assistance to nearly $600 million with additional bonus to support frontline associates in August

Lowe's Companies, Inc. (NYSE: LOW) announced an additional $100 million in bonuses for associates facing hardships due to the pandemic, raising the total support to nearly $600 million.

Rhea-AI Summary

Lowe's Companies, Inc. (NYSE: LOW) announced an additional $100 million in bonuses for associates facing hardships due to the pandemic, raising the total support to nearly $600 million. Full-time hourly associates will receive $300, while part-time and seasonal associates will get $150 on August 21. This follows previous bonuses and a $2 per hour pay increase for April. The company has also committed over $100 million in community assistance, helping healthcare workers and minority-owned businesses during these challenging times.

Positive

• Total pandemic assistance increased to approximately $600 million.
• Direct bonuses of $300 for full-time and $150 for part-time associates help alleviate financial burdens.
• Company's commitment to support associates showcases a strong emphasis on employee welfare.

Negative

• None.

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MOORESVILLE, N.C., July 30, 2020 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today announced it will provide an additional $100 million in bonuses to assist associates with unforeseen expenses and hardships, increasing the company's total commitment to associates and communities during the pandemic to nearly $600 million.

Full-time hourly associates will receive $300, and part-time and seasonal associates will receive $150 on Aug. 21 – matching the funds provided to all hourly associates in March, May and earlier this month.

"No one could have anticipated how long we would be navigating this pandemic together. As we approach the start of another school year, our commitment to support our hard-working associates will continue into August," said Marvin R. Ellison, Lowe's president and CEO. "We are incredibly proud of how our stores, supply chain and corporate associates have faced this pandemic head-on to solve challenges in our communities and care for our customers. We are grateful for their resilience, teamwork and ongoing commitment to safety, and are pleased to share this additional bonus to help with childcare, remote-schooling and other general expenses they are managing during these tough times." 

With the bonus announced today, Lowe's will have invested approximately $500 million in coronavirus relief funding for associates. In addition to the previous special payments and bonuses, Lowe's increased pay for full-time, part-time and seasonal associates by $2 per hour for the month of April. The company continues to offer telemedicine services to all associates and their families, even if they are not enrolled in Lowe's medical plans.

Lowe's also continues to support its communities through much-needed grants and PPE product donations. The company has committed more than $100 million in community assistance to those who need it most, including healthcare workers, minority-owned small businesses and rural communities. For more information about Lowe's support during the pandemic, visit newsroom.lowes.com.  

About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

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SOURCE Lowe's Companies, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Lowe's new bonus announcement in July 2020?

Lowe's announced an additional $100 million in bonuses for associates, bringing the total pandemic assistance to nearly $600 million.

How much will full-time associates receive from Lowe's in August 2020?

Full-time hourly associates will receive $300 on August 21, 2020.

What has Lowe's committed to its community during the pandemic?

Lowe's has committed over $100 million in assistance to support healthcare workers and minority-owned small businesses.

What was the purpose of the additional bonuses provided by Lowe's?

The bonuses aim to assist associates with unforeseen expenses and hardships caused by the pandemic.