Despite record high inflation and Joe Biden crippling our economy, some employers are giving back to their employees. You would think that companies would be laying off workers or cutting hours but some are doing the exact opposite. Wait until you hear who it is.
The Western Journal Reports. While inflation remains near 1980s levels, Lowe’s is helping its workers.
According to Lowe’s Chief Executive Marvin R. Ellison on Wednesday’s earnings call, “In recognition of some of the cost pressures they are facing due to high inflation, we are providing an incremental $55 million in bonuses to our hourly front-line associates this quarter,” “These associates have the most important jobs in our company, and we deeply appreciate everything they do to serve our customers to deliver a best-in-class experience.”
Fox Business reports that the home improvement retailer is also offering employees a temporary 20 percent discount on household and cleaning items.
According to the Post, Lowe’s spokesman Steve Salazar said bonuses would be paid on Sept. 9, but refused to reveal how much each employee would receive.
With about 2,200 stores and approximately 300,000 employees, Lowe’s is not alone in helping its employees.
According to Nextstar Media Group, Exxon Mobil, T Rowe Price Group, and Microsoft are offering raises and bonuses.
Smaller employers are also contributing.
Despite giving his 340 hourly employees a 7 percent raise, Hawkins Construction president Chris Hawkins said he is giving them $1,000 bonuses this summer.
Hawkins said, per the Post, “We saw that inflation could affect the quality of living,”
“We pay well, but people have to have the quality of life they come to work to earn. This bonus could be the difference between a burger and a steak, or another birthday present for their child.”
According to the US Bureau of Labor Statistics, inflation was 8.5 percent in July. June’s inflation rate was 9.1 percent, the highest since 1981.
Despite higher inflation in June than July, Mark Mathews, vice president of the National Retail Federation, said the problem is not going away.
Federal Reserve officials expect a long battle with inflation, according to minutes of the July meeting, reported The New York Times.
Joe Biden recently signed into law the Inflation Reduction Act to tacking the declining economy, but some Democrats can’t even explain how it will help reduce inflation. Joe Manchin went as far to admit that it WON’T affect inflation.
According to Fox News, According to Sen. Joe Manchin, D-W.Va., the Inflation Reduction Act won’t “immediately” temper inflation, as it will take some time to make the necessary investments.
There is a $375 billion investment to fight climate change in this legislation, and prescription drug costs for Medicare recipients would be capped at $2,000 per year out-of-pocket. Furthermore, it would extend subsidies provided during the Coronavirus pandemic to an estimated 13 million Americans.
In addition to new taxes on large companies and stepped up IRS enforcement of wealthy individuals and entities, Democrats claim the measure will reduce the federal deficit.
For years, the middle class has been struggling to keep up with the rising costs of living. And now, with the onset of Bidenflation, those costs are only increasing. Every day, it seems like something new is getting more expensive – whether it’s gas, groceries, or health care. And the Biden Administration is doing nothing to help. In fact, they’re making things worse – with their tax hikes and regulations that are driving up prices even further. That’s why the recent move by Lowes to increase their employee’s bonuses is that much more incredible. In the face of rising costs and a crippling economy, they’re still finding ways to give back to their workers. It’s a move that shows they care – and it’s one that other companies should follow.