Lowe's boosts total pandemic assistance to nearly $600 milli
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.
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.