Shoppers wearing protective masks wait in line to pick up a store from Lowe’s Cos on Wednesday, May 20, 2020. To be entered in San Bruno, California, USA.
David Paul Morris | Bloomberg | Getty Images
Lowes said Wednesday it would give $ 100 million more in bonuses to hourly workers as the strong demand for home improvement continues.
It is the sixth time the hardware store has paid extra wages to workers in its stores, distribution centers and support centers during the coronavirus pandemic. Part-time, full-time and seasonal workers received bonuses in March, May, July and August. In addition, the wages for April were increased by USD 2 per hour.
With the final round, the home improvement retailer paid more than $ 675 million to employees this year. The latest rewards will be paid out on October 16th. Full-time workers are paid $ 300 and part-time and seasonal hourly workers are paid $ 150.
Also Wednesday, Lowe’s announced a cash offer for up to $ 3.5 billion of its outstanding debt. The company said the aim of the offer was to reduce its interest expense and manage the maturities of its debt.
Other retailers including Walmart, target and Kroger, have also given bonuses or increased worker salaries during the pandemic. Walmart gave three rounds of bonuses and said it would be closed on Thanksgiving to give staff time with their families. target accelerated plans to raise the minimum wage to $ 15 an hour when it triggered a temporary pandemic increase in hourly wages of $ 2.
Customers have been shopping for DIY items, kitchen gadgets, and landscaping tools at Lowe’s as they spend more time at home during the pandemic. The global health crisis has also inspired some Americans to move out of cities and buy houses in suburban or rural areas. A trend that analysts predict will increase long-term home improvement sales.