Target to pay more than $70 million in bonuses to hourly employees ahead of holidays

An employees wears a protecting masks whereas standing exterior a Target Corp. retailer in Lawndale, California, U.S., on Monday, April 20, 2020.

Patrick T. Fallon | Bloomberg | Getty Images

Target mentioned Monday that it’ll spend more than $70 million on one other spherical of worker bonuses through the coronavirus pandemic, as the vacation buying season picks up.

The retailer will pay $200 to its more than 350,000 employees who work at shops, distribution facilities and make contact with facilities, in accordance to a publish on its company web site. It will pay the bonuses by early November.

Grocers and big-box retailers, together with Walmart, Amazon and Kroger, briefly elevated pay and gave bonuses to hourly employees early in the pandemic. The “hero pay” was meant to acknowledge employees who helped the corporate replenish cabinets throughout weeks of stockpiling and put their very own well being in danger.

Retail employees throughout the nation have gotten sick and died from Covid-19 through the international well being disaster. Amazon, for instance, mentioned earlier this month that more than 19,000 of its employees have contracted the virus this yr.

Most retailers have ended that additional pay, however no less than two have introduced bonuses: Lowe’s and Target. Lowe’s gave a further $100 million in bonuses to hourly employees this month — $300 to full-time employees and $150 to part-time and seasonal hourly employees.

These bonuses come as day by day new Covid-19 circumstances are rising as soon as once more in the U.S., and approaching a 3rd peak. Public well being officers have warned that circumstances might enhance as temperatures get colder and other people spend more time indoors.

Target has given different bonuses through the pandemic. It paid bonuses starting from $250 to $1,500 to 20,000 workforce leads who oversaw retailer departments in April. It supplied $200 bonuses to all full-time and part-time hourly employees in July. And it gave efficiency bonuses, which ranged in measurement, to retailer administrators, government workforce leaders and salaried distribution heart leaders in July.

The firm additionally briefly raised its wages by $2 an hour in March as coronavirus circumstances rose. As it phased out these short-term wages, it sped alongside plans to enhance its minimal wage to $15 an hour in early July.

Including the most recent spherical of bonuses, Target mentioned it is spent practically $1 billion more this yr on worker pay, together with pandemic-related advantages like backup baby care and its everlasting minimal wage enhance to $15 an hour.

Target has been one of the retailers that is seen enormous positive factors through the pandemic. It blew away Wall Street with its enormous fiscal second-quarter earnings, setting a document for same-store gross sales and seeing income soar by more than 80% to $1.7 billion. Its curbside pickup service, Drive Up, grew by more than 700% in the second quarter from a yr earlier.

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Written by Business Boy


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