Starbucks adds new benefits for non-union stores ahead of investor day
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Ahead of its investor day on Tuesday, Starbucks (NASDAQ:SBUX) announced a spate of new benefits available for non-union locations.

Among the new benefits are a student loan repayment tool and a savings account program. 

âWeâve heard from our partners and know that pressures of inflation, in addition to debt and savings are weighing heavily on them,â said Ron Crawford, SVP Total Rewards, Starbucks. âProviding industry-leading benefits for our partners is a cornerstone of who we are as a company. As we reinvent the future of Starbucks, together with our partners, we knew we had an opportunity to further support the financial well-being of our partners and their families.â

The new savings program will be instituted with the aid of Fidelity. Under the program, all non-union employees in the US will be eligible to contribute a portion of after-tax pay on a recurring basis directly from their paycheck to a personal savings account. Starbucks will contribute $25 and $50 at âkey saving milestonesâ up to a total of $250 per incentive eligible partner. The benefit will kick in on September 19.

As for the student loan tool, a new Student Loan Management Benefit through Tuition.io is set to launch on September 19 as well. The company explained that the new program will advise employees on the best repayment options via a centralized dashboard and will help explain refinancing and college planning for prospective students. 

âStudent loan debt remains a tremendous financial burden for the nearly 48 million U.S. consumers who have borrowed to finance the education necessary to unlock the best career opportunities,â said Scott Thompson, CEO of Tuition.io. âAs we approach the time when payments will be restarted for federal loans, weâre honored to work with Starbucks to support their partners and their families to make the best financial decisions regarding repayment of their student loans and options for financing their future education.â
Read more on expectations of the investor day set to begin in a matter of hours.