McDonald's to Boost Its Tuition Benefits After Tax Windfall
- Fast-food chain to spend $150 million on education program
- Restaurant companies are adding perks in tight labor market
Photographer: Kiyoshi Ota/Bloomberg
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McDonald’s Corp. plans to pump $150 million into tuition assistance for its U.S. employees, becoming the latest corporate giant to use the federal tax overhaul to boost benefits.
The money will help make 400,000 restaurant workers eligible for the program, the fast-food chain said on Thursday. To qualify, workers will only need to be with the company for 90 days, down from nine months, and work 15 hours a week, down from 20. The infusion, paid over five years, triples the current spending level.