Walmart to pay nearly $550 million in employee bonuses: ‘It’s almost like a mini stimulus package’

Walmart to pay nearly $550 million in employee bonuses: ‘It’s almost like a mini stimulus package’
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  • Walmart’s executive vice president of corporate affairs Dan Bartlett said the bonuses will reward employees for “performing Herculean efforts” and be  “almost like a mini-stimulus package.”
  • Walmart said that it would pay special cash bonuses to its hourly employees for working during the coronavirus pandemic.
  • The bonuses will be $300 for full-time hourly associates and $150 for part-time hourly associates.
  • Walmart said it is also hiring 150,000 new associates through the end of May.

Walmart said it will pay nearly $550 million in bonuses to hourly employees — including special bonuses to reward its workforce for keeping shelves stocked as customers flock to stores.

In an interview on “Squawk Box” Friday morning, Walmart’s executive vice president of corporate affairs Dan Bartlett said the bonuses will reward employees for “performing Herculean efforts” and put money into their pockets.

“It’s almost like a mini stimulus package for Walmart associates,” he said.

The nation’s largest grocer said Thursday its special cash bonuses will total more than $365 million. Walmart’s full-time hourly associates will get a $300 bonus and part-time hourly associates will get a $150 bonus. The bonuses will be paid out April 2 and every hourly associate employed by the company as of March 1 will qualify.

The retailer is accelerating the payout of its next scheduled quarterly bonuses for store, club and supply chain employees. It will pay that planned $180 million of bonuses in late April, a month earlier than planned. At the usual time for those quarterly bonuses in May, employees may get an additional increase based on performance.

Walmart has seen a boost in sales as people buy food, toilet paper, hand sanitizer and other items as they prepare to stay at home amid rising cases of the coronavirus.

Source: CNBC

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