On Wednesday, Target announced a new perk to its employees by offering to pay their college expenses.
CNBC reported that starting fall 2021, the national retailer will pay the cost of tuition, fees, and textbooks for both its part and full-time employees who are pursuing a qualifying undergraduate degree at more than 40 colleges/universities.
The company will pay up to $10,000 each year at those selected schools to pursue a graduate degree.
Target now becomes the largest company to offer perks to its workers and to attract potential workers. Chipotle and Starbucks are other chains that provide programs that help employees pay for college and avoid debt.
Walmart is another retailer that recently promised to cover the full cost of tuition and books for its employees. Before this, they made workers pay $1 a day.
Target employees who work at stores, distribution centers, and headquarters across the country will qualify on their first day with the company. The company will foot the cost for 250 programs they feel are aligned to its business. This includes degrees in computer science, information technology, and business management. For those seeking a different degree, the company will pay up to $5,250 for undergraduate degrees and up to $10,000 for master’s degrees each year.
The company also plans to invest $200 million in the education program over the next four years.
