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Lowe's Temporarily Increasing Hourly Wages

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Lowe's (LOW) is temporarily increasing wages of its employees. The latest move by the hardware retailer is to help its employees cope with the economical effects caused by the ongoing COVID-19 pandemic.

The company has hiked salary by $2 per hour for all full-time, part-time, and seasonal hourly associates, who work at retail stores, contact centers and supply-chain facilities. The raise will be in effect for April.

"We are continually working on ways to protect and support our associates and our customers during this time when we are all adjusting how we work and live," said Marvin Ellison, Lowe's president and CEO. "I'm announcing these new operational changes as we continue to keep the health and well-being of our associates and customers top of mind, especially as they look to us now more than ever for essential products, services and support."

The retailer will also be closing all stores at 7 p.m. daily to ensure additional time to replenish essential products and thoroughly clean and sanitize stores daily.

Previously, the company had announced $80 million in special payments to hourly associates that was paid on March 31. The payment amount was $300 for full-time associates and $150 for part-time and seasonal associates.

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