Discover announced Tuesday that it will pay for its employees to earn an online college degree.
The credit card company said in a release that it will front the cost of tuition, fees and books for employees to complete an online program in one of seven business- or computer science–related fields.
Jon Kaplan, Discover’s vice president of training and development, said in a statement that the move is intended to help Discover retain workers and to “do the right thing” by providing the opportunity to those who might not otherwise earn a degree.
"Investing in our employees and their futures will not only make us a stronger company, but have a lasting positive impact on those who might otherwise never get the chance to attend college," Kaplan said.
The company is partnering with Wilmington University, Brandman University and the University of Florida to offer the programs.
The company told CNN that about 99 percent of its 16,500 employees will be eligible for the program.
Discover currently offers a $5,250 yearly tuition benefit for employees, which is the maximum amount that can be given before it is taxed as income. Discover said that if employees’ awards for their degree exceed that amount, the company will also cover the tax.
Discover’s announcement comes less than two weeks after Walmart announced that it would pay for employees to get online degrees in business or supply-chain management.