Lowe’s becomes latest employer to give workers inflation $55 million in bonuses
Home improvement company Lowe’s is awarding bonuses totalling $55 million to its front-line hourly employees to help soften the impact of inflation. At a time when food prices, housing costs and other costs continue to soar, disproportionately affecting the lowest-income households, these bonuses will give a boost to workers. As a retention bonus in a booming labor market the temporary relief doubles that has afforded workers leverage to quit their jobs and negotiate higher wages. On an earnings call on Wednesday, the home improvement store chain said that it is offering those workers limited-time discounts of up to 20% on everyday household and cleaning items. According to Lowe’s chief executive Marvin R. Ellison on an investor call on Wednesday said that “In recognition of some of the cost pressures they are facing due to high inflation, to our hourly front line associates this quarter we are providing an incremental $55 million in bonuses”. They also said that these associates have ...