by Christopher Freeburn | July 17, 2013 10:01 am
A financial planning guide offered by McDonald‘s (MCD) to its employees has sparked a backlash of criticism from labor advocates.
The fast food chain asked Visa (V) and Wealth Watchers International to put together The Practical Money Skills Budget Journal. The budget guide was created five years ago as part of a financial literacy program sponsored by McDonalds, CNBC notes.
Labor advocates call the guide unrealistic. The program director at Restaurant Opportunities Centers United, which is campaigning to boost worker wages, said the guide was “disingenuous and insulting.” The federal government has not raised the minimum wage from $7.25 an hour since 2009.
The budget is designed for a fast food worker (or couple) who holds two jobs making a combined monthly salary of $2,060 after taxes. A representative of Wealth Watchers International said the budget had been developed based on interviews with minimum wage workers and was designed to help workers improve their financial management.
Late last year, some fast food workers in New York City held protests demanding higher wages.
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