The temporary relief doubles as a retention bonus in a tight labor market, as housing and food prices soar.
in Congress is proposing a 2.4 percent inflation bonus for Department of Defense employees who make $45,000 or less.
Wage increases, including bonuses, often spark concern from some economists during inflationary periods about triggering a wage-price spiral, where higher wages trigger more spending, prompting companies to raise prices further, in an ongoing cycle that can exacerbate inflation.Chris Hawkins, president of Hawkins Construction in Omaha, offered his 340 hourly employees two one-time $1,000 bonuses this summer, after realizing that 7 percent annual raises would not keep up with record inflation.
“We saw that inflation could affect the quality of living,” Hawkins said. “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.” Unlike raises, bonuses are typically less useful to workers than salary bumps because they are a one-time lump sum increase that does not change their hourly wages and are taxed.
Lowe’s employs approximately 300,000 associates and operates or services more than 2,200 home improvement and hardware stores.
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