Press release
Starbucks Announces Student Loan Management and Savings Programs to Support Partner (Employee) Financial Well-Being
Effective September 19, 2022, eligible U.S. partners will have access to new benefits to further financial stability and manage student loan repayments
About this update from Starbucks Corporation
[{"type":"text","content":"\nEffective September 19, 2022, eligible U.S. partners will have access to new benefits to further financial stability and manage student loan repayments \n\n SEATTLE--(BUSINESS WIRE)--\nToday, 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.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220912005863/en/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)\nThe 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.\n\n“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.”\n\nWorking 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.\n\n“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 pr...