Home » Lifestyle » Lowe's helping hourly front-line employees fight inflation with $55M in quarterly bonuses
Lowe's helping hourly front-line employees fight inflation with $55M in quarterly bonuses
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Lowe's is doling out $55 million in quarterly bonuses in an effort to help alleviate some cost pressures its hourly front-line employees in the United States are facing due to high inflation.
"These associates have the most important jobs in our company, and we deeply appreciate everything they do to serve our customers to deliver a best-in-class experience," Lowe's president and CEO Marvin Ellison told analysts on the home improvement retailer's second quarter earnings call on Wednesday.
LOWE’S COS. INC.
In addition, the company will give the employees a 20% discount on everyday household and cleaning items for a limited time.
"We will continue to look for meaningful ways to improve our associates' work-life balance, while providing them with the tools to build a career at Lowe's," Executive vice president of stores Joe McFarland added.
Earlier this month, the Labor Department reported that consumer prices rose 8.5% year over year in July, cooling slightly but still near the highest level in 40 years.
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A Lowe's spokesperson told FOX Business that the "Winning Together" profit-sharing bonus will be paid to front-line store, supply chain and contact center associates on Sept. 9. The spokesperson declined to disclose how much each employee would receive in their individual payout.