CNN business recently reported that Walmart has announced that it will provide free tuition for its employees to attend college. I don’t recognize any of the participating schools below so not sure how much this will impact our Florida clients, but it’s definitely a step in the right direction. Especially since service industries are having a hard time attracting employees right now. Maybe this will encourage others to do the same – our small law firm started a similar program earlier this year.
Walmart typically starts employees at $11/hour I’ve heard, so this extra benefit may be the tipping point for someone to get ahead in life. These benefits are likely tax free (not considered as gross income) — provided they are less than $5,250 per year. Walmart receives the deduction, and neither the employee nor the employer have to pay payroll taxes on this. Win-win.
Here’s a list of Walmart’s participating partners:
Johnson & Wales University
The University of Arizona
The University of Denver
Purdue University Global
Southern New Hampshire University