Walmart announced plans to pay U.S. hourly workers a cash bonus as part of a $550 million package in support of their work during the coronavirus pandemic, and Target announced that it will invest over $300 million in an hourly wage increase, bonus payments, paid leave and an employee relief fund.
Walmart said it will pay a $300 bonus to full-time hourly workers, and $150 to part-time associates in stores, clubs, supply chain and offices on April 2. The world’s largest retailer also plans to pay out its next regularly scheduled bonus in late April, a month earlier than scheduled. Fourth quarter bonuses were paid last week.
To handle increased demand caused by the pandemic, Walmart says it will hire 150,000 new employees through the end of May, with many of these temporary jobs converting to permanent roles over time. To fill these new jobs the company is targeting displaced workers from industries hit hard by the virus, including from the restaurant and hospitality sectors.
Target’s plans include increasing hourly workers’ pay by $2 per hour until at least May 2, and paying bonuses to its 20,000 hourly store team leads. The bonuses will range from $250 to $1,500.
Target is also offering paid leave of up to 30 days for workers aged 65 and older, are pregnant, or who have underlying medical conditions. And the company said it will donate $1 million to the Target Team Member Giving Fund to aid employees most impacted by the virus, and will match up to an additional $1 million in contributions from Target employees.