Kroger Announces Industry-Leading Commitment to Associate Education and Lifelong Learning
CINCINNATI, OH - It’s a great day for Kroger employees. The recently passed Tax Cuts and Jobs Act has allowed Kroger to invest in new and enhanced long-term associate benefits.
“The Tax Cuts and Jobs Act is a catalyst that is enabling us to accelerate investments in Restock Kroger, our plan to serve America through food inspiration and uplift,” said Rodney McMullen, Chairman and CEO, in a company press release. “We intend to make significant investments in our associates, to continue redefining the customer experience, and to return value to our shareholders—sharing the benefit with all of our stakeholders in a balanced way.”
Feed Your Future, an industry-leading education assistance program, is just one way that the company is investing into initiatives that prop up its employees for future successes, a recent press release outlines. In addition to that program, the retailer has accelerated investments in store associate wages, invested in more generous 401(k) benefits, and enriched associate discount and support programs.
“I am especially excited to introduce Feed Your Future, Kroger's new, industry-leading continuous learning and education benefit,” continued McMullen. “Many of our associates can attest to the life-changing power of education, and I'm proud to be one of them. Feed Your Future will support both full- and part-time associates, wherever they are on their personal education journey, whether they are pursuing GEDs, MBAs, or professional certifications. In this way, we're offering more than a one-time award—we're offering an investment in our associates' future.”
As listed below, the company’s investment is broad-reaching and the benefits are wide-ranging:
- Kroger is utilizing the benefits of the Tax Cuts and Jobs Act to accelerate some of the previously-announced, incremental $500 million investment in associate wages, training and development over the next three years as part of Restock Kroger
- Kroger and its subsidiaries will increase the company match in the 401(k) Plan to 5% of pay, compared to a 4% match today
- Kroger's long-standing Helping Hands program, an internal support fund that aids associates during hardships, will receive an additional $5 million in funding and be easier to use across the family of companies
- Kroger and its subsidiaries will now offer associates an employee education benefit of up to $3,500 annually ($21,000 over the course of employment) toward continuing education and development opportunities including a high school equivalency exam, professional certifications and advanced degrees
Check out the company’s press release for more details on its plans moving forward.
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