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McDonald's uses tax cuts to boost employee tuition benefits

McDonald's sign
Photo: Justin Sullivan / Getty Images

McDonald's is the latest company to use the tax breaks it's received as a result of the GOP's tax bill to dole out extra money toward employees' college tuition, reports CNN. The company will allocate $150 million over five years to its tuition benefits program in an effort to retain current and future employees.

Details: Starting May 1, new employees will be eligible to receive $2,500 per year toward tuition, up from $700. Managers at McDonald's will be eligible for $3,000.