Lowe’s (LOW) – Get Report said Wednesday it would spend another $100 million in bonuses for U.S. hourly employees this month to recognize their service during the coronavirus pandemic, bringing the total to $775 million.
Shares of the Mooresville, North Carolina-based home-improvement retailer were rising 2% to $167.
Lowe’s said that all active hourly associates in Lowe’s U.S. stores, distribution centers and store support centers will receive the bonus on Oct. 16.
Full-time hourly associates will receive $300, and part-time and seasonal associates will receive $150.
The October bonus will match the funds Lowe’s provided to all hourly associates in March, May, July and August.
With this latest round of coronavirus relief, Lowe’s said it will have provided more than $775 million in incremental financial support to associates this year.
Along with the previous special payments and bonuses, Lowe’s increased pay for full-time, part-time and seasonal associates by