Lowe’s CEO announces $55M inflation bonuses for hourly associates

(Gray News) – Lowe’s Home Improvement announced Wednesday it will provide an incremental $55 million in inflation bonuses to its hourly frontline workers.

The bonuses are in effort to help hourly front-line associates during this period of high inflation, CEO Marvin R. Ellison said in a news release.

“I’d like to thank our associates for their continued hard work and dedication,” he said.

The company employs more than 300,000 workers in the United States and Canada, according to its website, but it is unclear how much associates will receive as part of this bonus.

Higher gas prices and rising rents are among some of the concerns for many consumers.

Additionally, the higher back-to-school costs are a concern for some families. According to the Bureau of Labor Statistics, education books and supplies are up 3.1%.