McDonald's cites GOP tax bill in move to raise worker tuition aid

McDonald's cites GOP tax bill in move to raise worker tuition aid

McDonald's announced Wednesday that it will roughly triple its funding for its in-house college tuition assistance program, citing the GOP tax-reform bill passed last year as one of the reasons. 

The fast-food giant said it will invest an additional $150 million and lower eligibility requirements into its Archways to Opportunity program, which will now provide higher education opportunities for 400,000 employees. 

The revamped policies were "accelerated by changes in the U.S. tax law," the company said in its announcement.

“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 CEO and president Steve Easterbrook said in a statement

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In addition to raising the assistance from $700 to $2,500 per year for crew members and from $1,050 to $3,000 for restaurant managers, McDonald's will lower the weekly shift hour requirements to permit employees more time for their studies. 

Major U.S. employers, including Chipotle and Starbucks, have increased employee benefits because of the tax overhaul that slashed the corporate tax rate to its lowest in decades.