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CVS Health to offer $250 bonus to nearly 200,000 employees for pandemic work

CVS Health CEO says company prepared to quickly begin vaccinations
CVS Health CEO says company prepared to quickly begin vaccinations 06:42

Drugstore giant CVS Health will spend about $60 million to provide nearly 200,000 employees with extra cash for working during the coronavirus pandemic.

The pharmacy chain confirmed that roughly two-thirds of its workforce would receive an additional $250 in January. "The special bonuses are a recognition of the extraordinary efforts of our employees to support patients and communities facing the challenges presented by the COVID-19 pandemic this year," a CVS spokesperson said. 

Another 100,000 CVS employees are already in line for the same award as part of the company's regular bonus program. CVS in early November reported third-quarter revenue of $67.1 billion, up 3.5% from a year ago.

Walgreens executive on COVID-19 vaccine distribution to long-term care facilities 05:22

CVS has played a major role in in providing access to COVID-19 testing and will soon begin administering vaccines to residents and workers at nursing homes and other long-term care facilities across the U.S. as part of an arrangement with the federal government.

The move follows bonuses ranging from $150 to $500 announced by CVS in March to pharmacists, cashiers and other front-line workers. It also comes as large retailers fend off criticism for ending so-called hazard pay for employees who have continued to work during the pandemic.

Amazon recently said it would spend more than $500 million on bonuses for front-line workers to recognize their efforts during the holiday season. Target also announced an extra $200 for more than 350,000 front-line workers coming into the holidays.

Like CVS, drugstore competitor Walgreens also announced bonuses ranging from $150 to $300 to its retail and warehouse workers, which was paid in April. 

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