Citing President Trump’s corporate tax cuts, McDonald’s announced Thursday that it will invest an additional $150 million into its education benefits program.
“Accelerated by changes in the U.S. tax law,” McDonald’s will start offering staff members as much as $2,500 per year for tuition, an increase from $700, and managers can receive up to $3,000 per year, an increase from $1,050, the fast-food chain said in a press release.
McDonald’s is also lowering its eligibility requirements for the Archways to Opportunity program from nine months to 90 days of employment, and from 20 hours minimum to 15 hours minimum per week “to enable restaurant employees more time to focus on studies.”
“Since its inception, Archways to Opportunity was meant to match the ambition and drive of restaurant crew with the means and network to help them find success on their own terms,” said David Fairhurst, McDonald’s Chief People Officer. “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.”
The Republican tax law lowered the corporate tax rate from 35 percent to 21 percent as of Jan. 1, and dozens of major companies, including Starbucks and Home Depot, responded by passing the benefits onto their employees.
• Jessica Chasmar can be reached at jchasmar@washingtontimes.com.
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