The following report is from CNBC:

Target said Monday it will spend about $200 million on another round of employee bonuses and extend its coronavirus-related benefits after its strong holiday season.

The discount retailer will give $500 bonuses to all hourly workers and bonuses of $1,000 to $2,000 to store directors and others in leadership positions. It said it has spent $1 billion more on employee benefits and pay in fiscal 2020 than in 2019.

Target has been one of the beneficiaries of pandemic trends, as shoppers consolidate trips, fill up bigger baskets and use curbside pickup. That pattern continued over the holidays, boosting the company’s comparable sales 17.2%, while its e-commerce sales more than doubled in November and December.

This is the fifth time Target has given additional pay to workers during the pandemic. It also accelerated plans to raise its starting wages to $15 an hour in July.

It also has extended pandemic-related benefits for its workers, such as pay for those who need to quarantine or stay home from illness, access to virtual doctor visits and free backup care for employees’ family members.

Target shares have risen 66% over the past year, bringing its market value to $96.1 billion. Analysts expect the company in early March to report fiscal 2020 earnings of $9.22 per share on sales of $92.71 billion, according to a survey by Refinitiv.


AUTHOR COMMENTARY

I am reporting on this because it demonstrates what The WinePress has been emphasizing about businesses such as Target. Target and many other mega-corporations, franchises, and businesses were not forced to close, and in many ways were able to benefit from government bailouts and massive traffic increase. Now that they control even more of the market with far less competition and increased funds, places like Target have the ability to incentivize even more people to become employed and stay there.

Regardless if the new $15 minimum wage is signed in by the worthless American government, Target has already gotten the ball rolling with increased minimum wages. More than likely, even more mega-businesses will do something similar to remain competitive and attract workers. Increased minimum wages only benefit the mega companies because they have the funds to do so. Smaller businesses and franchises such as TGI Fridays will be completely destroyed.

The little guy gets pinched while the bigs continue to dominate.

The rich man’s wealth is his strong city: the destruction of the poor is their poverty.

Proverbs 10:15

The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.

CLICK TO DONATE

1 Comment

Leave a Comment

×