McDonald’s said Thursday it’s tripling the money it spends to help employees with their college tuition, a move driven by the U. S. government’s tax overhaul.
March 29 (UPI) — McDonald’s announced Thursday it’s tripling the money it spends to help employees with their college tuition — a move driven by the federal government’s tax overhaul.
The fast-food chain said in a statement it will allocate an additional $150 million over five years to its Archways to Opportunities assistance program.
« Our commitment to education reinforces our ongoing support of the people who play a crucial role in our journey to build a better McDonald’s, » McDonald’s CEO Steve Easterbrook said.
« By offering restaurant employees more opportunities to further their education and pursue their career aspirations, we are helping them find their full potential, whether that’s at McDonald’s or elsewhere. »
McDonald’s said the investment will also provide almost 400,000 employees with more access to the program by making them eligible after just 90 days of employment — down from nine months — and dropping weekly shift minimums from 20 to 15 hours.
Workers may also be eligible for $2,500 per year to attend a trade school, community college or a four-year university — an increase from $700. For managers, that amount jumps from $1,050 to $3,000.
The chain said the new benefits may also apply to employees’ family members.
« By tripling tuition assistance, adding education benefits for family members and lowering eligibility requirements to the equivalent of a summer job, we are sending a signal that if you come work at your local McDonald’s, we’ll invest in your future, » McDonald’s executive David Fairhurst said.
The company said the added benefits were « accelerated by changes in U. S. tax law. »
McDonald’s is the latest company to use gains from changes in the U. S. tax code to boost employee benefits. Walmart, Chipotle, Disney and Starbucks have announced similar moves.
