Effective September 19, 2022, eligible U.S. partners will have
access to new benefits to further financial stability and manage
student loan repayments
Today, building on Starbucks historic commitments to offering
leading benefits for its partners (employees), Starbucks Coffee
Company announced a set of programs, designed to support eligible
partners when it comes to two critical areas of financial
well-being: savings and student loan debt.
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Starbucks Coffee Company announces a set
of programs, designed to support eligible partners when it comes to
two critical areas of financial well-being: savings and student
loan debt. (Photo: Business Wire)
The new benefits, which will begin on September 19, will
contribute to eligible partners’ financial stability and help them
manage their higher education debt. Both programs were informed by
thousands of conversations with partners over the last several
months as the coffee company reinvents its future.
“We’ve heard from our partners and know that pressures of
inflation, in addition to debt and savings are weighing heavily on
them,” said Ron Crawford, SVP Total Rewards, Starbucks. “Providing
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.”
Working with Fidelity, Starbucks is introducing My Starbucks
Savings, a new way to help eligible partners save for the
unexpected. All eligible U.S. partners will be able to contribute a
portion of after-tax pay on a recurring basis directly from their
paycheck to a personal savings account. To incentivize savings and
account growth, Starbucks will contribute $25 and $50 credits at
key saving milestones up to a total of $250 per incentive eligible
partner.
“Too many Americans are unprepared financially to handle the
unexpected, and this current economic environment only makes it
more important to help people establish solid savings behaviors and
foundation to cover short-term expenses,” said Kevin Barry,
president of Workplace Investing at Fidelity Investments. “As this
program demonstrates, employers are in a position to help, which is
why Fidelity is pleased to work with Starbucks and other companies
to provide savers with a path to achieving their financial goals,
such as emergency savings.”
Starbucks will also launch a Student Loan Management
Benefit through Tuition.io to help eligible partners manage and
optimize student loan repayments. Through this tool, eligible U.S.
partners and their families will have access to new tools,
resources, and individual coaching to manage student loan debt,
such as repayment options and loan refinancing. Tools within the
platform will help partners view all their student loan debt in one
place and locate the best individual action to take based on their
personal repayment scenario and goals. This could include taking
advantage of income-based repayment options, refinancing, and
planning how best to finance education for college-bound students
and parents of students.
“Student loan debt remains a tremendous financial burden for the
nearly 48 million US consumers who have borrowed to finance the
education necessary to unlock the best career opportunities,” said
Scott Thompson, CEO of Tuition.io. “As we approach the time when
payments will be restarted for federal loans, we're 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.”
These benefits build on Starbucks continued work to support
partners’ holistic well-being as a company with programs that
include 401(k) with Starbucks Match, Bean Stock, comprehensive
healthcare coverage, full tuition coverage for a Bachelor’s Degree
through the Starbucks College Achievement Plan, Lyra mental health
benefit and more.
“We believe that when we invest in you and your greater
aspirations we are investing in the success of Starbucks too,” said
Sara Kelly, Starbucks chief partner officer. “This is just one more
way we are co-creating a meaningful partner experience and a better
future for Starbucks.”
This announcement builds on partner financial stability
investments from Starbucks earlier this year when the company
committed to increase partner pay, effective August 1.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 34,000 stores worldwide, the company is the premier
roaster and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we
bring the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in
our stores or online at stories.starbucks.com or
www.starbucks.com
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