Lowe’s announced a total of $370 million in incentives and wage increases for the retail giant’s hourly employees ahead of the holiday season.
CEO Marvin Ellison announced during the third quarter earnings call that the Mooresville-based home improvement store is increasing hourly wages for employees by $170 million and offering hourly bonuses of $200 million.
Hourly employees will receive bonuses of up to $1,000 for eligible full-time employees and up to $500 for eligible part-time employees, according to Joe McFarland, senior vice president of stores at Lowe’s.
Pay increases will vary based on current wage, tenure, and market.
Wage increases will take effect on Dec. 10. Bonuses will be included in employees’ paychecks on Dec. 2.