Big Box Store with Iowa Locations Dishing Out Massive Bonuses
Inflation is a word you hear a lot. It is a small word, that packs a powerful punch for families. As inflation rises, prices rise. The cost of living rises. With many Iowa, and American fmailies already feeling a pinch, it can feel difficult to find relief.
The White House is well aware and has launched its Inflation Reduction Act which has been in the news a lot lately, with different opinions being thrown around.
Despite government action, employers are also able to impact change to help their workers. One major retailer with over a dozen Iowa locations, including Cedar Rapids, Iowa City, and Waterloo is looking to offer some relief to its employees.
According to a press release on Q2 earnings, Lowe's Home Improvement will be offering employees an incremental $55 million in what it's calling "inflation bonuses." These will be offered to hourly frontline workers.
Marvin R. Ellison, Lowe's chairman, president, and CEO said in the press release,
We are awarding an incremental bonus of $55 million. I'd like to thank our associates for their continued hard work and dedication
Lowe's says on its website that it currently employs 300,000 people in the U.S. and Canada. The company operates just under 2000 stores.
Right now there isn't specific information on just how Lowe's associates will receive from the $55 million initiative, but with gas, rent and food costs increasing year over year, any extra income will unquestionably be welcomed.
In 2021, Lowe's CEO Marvin Ellison was named by Barron as one of the best CEOs thanks to his handling of the COVID pandemic.