(RTTNews) - Macy's, Inc. (M) said, beginning in February 2022, it will provide a debt-free education benefit program to its colleagues, investing approximately $35 million over the next 4 years. The program, available for regular, salaried and hourly colleagues, will cover 100% of tuition, books and fees for a wide range of options, including courses for high school completion, college prep, English language learning, associate and bachelor's degrees, bootcamps and professional certificates within Macy's debt-free network.
The company has partnered with education and upskilling platform, Guild Education, to build the program and help the colleagues gain their professional goals without financial barriers.
Also, the company said it will raise the minimum rate across all Macy's, Inc. locations for new and current colleagues. The company-wide minimum rate will be increased to $15 per hour, nationally, by May 2022. Macy's also announced its corporate and hourly colleagues will receive one additional flexible paid holiday to take a day off on a holiday that is most important to them.
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