Home Depot to spend additional $1 billion on workers' pay after surge in sales
Home Depot announced Tuesday it was putting an additional $1 billion toward paying its employees' annual wages as the chain sees a sustained surge in demand for tools and building materials because of the pandemic.
Reuters reports the company's blue-chip stock was up 28% this year with demand for home improvement products remaining high since the coronavirus lockdown in March.
The heavy activity has also led Home Depot to spend $1.7 billion in temporary pay and benefits for staff working through the health crisis. The company said Tuesday it will change some of those benefits into permanent pay increases for frontline hourly employees.
Home Depot added that business has been unaffected by recent spikes in coronavirus cases.