McDonald’s Corporation (NYSE:MCD) is amplifying its Archways to Opportunity tuition assistance program.
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McDonald’s Archways to Opportunity provides employees with benefits as they work through high school and in college. This includes providing them with education support, helping them learn English as a second language and more.
The biggest aspect of Archways to Opportunity is the tuition assistance that it provides to employees. The program now offers up to $2,500 in assistance to crew members. Managers can now get up to $3,000 a year to help cover college tuition. The new changes also make it so that workers only have to be an employee for 90 days to get the benefits. The new minimum for hours worked in a week is 15.
These are major changes over the previous benefits that McDonald’s Archways to Opportunity offered. It previously only gave employees $700 a year and managers $1,050 a year in tuition assistance. It required them to work for nine months before they could get the benefit. They also had to work a minimum of 20 hours a week for eligibility.
McDonald’s says that the reason it is increasing its Archways to Opportunity program is the recent changes to U.S. tax laws. It also notes that these changes will go into effect on May 1, 2018 and will retroactively reach back to the start of the year.
“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,” Steve Easterbrook, McDonald’s President and CEO, said in a statement. “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.”
As of this writing, William White did not hold a position in any of the aforementioned securities.