Many employees have been laid off and suddenly found themselves jobless due to the coronavirus outbreak. According to the Washington Post, The Labor Department reported 281,000 people have applied for layoff benefits as of Thursday, and the figure is expected to worsen in the coming weeks. In efforts to combat the nation’s coronavirus induced financial crisis, many mainstream companies are stepping up to the plate and providing financial assistance to their employees.
The country’s largest retailer, Walmart, announced Thursday that the corporation will be providing a cash bonus to their hourly employees at stores, clubs, offices, and supply chains for their hard work during the outbreak. Bonuses include $150 for part-time employees and $300 for full-time employees. The bonuses will tally up to more than $365 million with a payout date of April 2, 2020.
PepsiCo is providing additional compensation for its 90,000+ frontline employees who work at their North American food and drink locations. Compensation includes a minimum increase of $100 per week for full-time employees over the next month. PepsiCo also announced that employees who are quarantined, COVID-19 positive, or are caring for a family member who has shown signs/symptoms of COVID-19 will receive 100 percent pay during the 14-day quarantine period.
PepsiCo employees who have been affected by daycare or school shutdowns and as a result do not have adequate childcare will receive two-thirds of their pay for up to 12 weeks if they are not able to work from home. Crisis Care, a $100 per day childcare reimbursement plan is also available for PepsiCo’s parenting employees.
The big bank announced that it will give its staffing branch and call center employees a $1,000 bonus for holding down the fort during the pandemic. According to the New York Post, JPMorgan closed down 1,000 of its 5,000 branches this week. Bonus eligible employees include those who make under $60,000 annually, full-time and part-time employees who must do their job at a branch, or are located at a consumer banking branch. The LA Times reports that employees working at a branch will get free lunch every Thursday.
The restaurant company which consists of Longhorn Steakhouse, Olive Garden, Cheddar’s Scratch Kitchen, Yard House, and Capital Grille is providing its hourly workers with two weeks of pay via its COVID-19 Emergency Pay Program.
According to CNBC, Bank Of America will be increasing its bank tellers’ monthly income by $400. CEO Brian Moynihan approved the pay increase for the duration of the coronavirus quarantine. The bonus will go to employees actively working in banking centers and be disbursed in $200 increments per pay period.