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Kroger Announces Reinvestment of Tax Savings Into Employee Benefits

Kroger Announces Reinvestment of Tax Savings Into Employee Benefits


CINCINNATI, OH
Monday, April 16th, 2018

After reaping tax benefits from the recently passed Tax Cuts and Jobs Act, Kroger has announced a slew of new and enhanced long-term associate benefits.

Rodney McMullen, Chairman and CEO, Kroger“The Tax Cuts and Jobs Act is a catalyst that is enabling us to accelerate investments in Restock Kroger, our plan to serve America through food inspiration and uplift,” said Rodney McMullen, Chairman and CEO, in a company press release. “We intend to make significant investments in our associates, to continue redefining the customer experience, and to return value to our shareholders—sharing the benefit with all of our stakeholders in a balanced way.”

According to the company’s press release, Kroger is investing in a number of initiatives for the benefit of its employees, including an industry-leading education assistance program called Feed Your Future, accelerated investments in store associate wages, a more generous 401(k) benefit, and enriched associate discount and support programs.

Kroger storefront

“I am especially excited to introduce Feed Your Future, Kroger's new, industry-leading continuous learning and education benefit,” continued McMullen. “Many of our associates can attest to the life-changing power of education, and I'm proud to be one of them. Feed Your Future will support both full- and part-time associates, wherever they are on their personal education journey, whether they are pursuing GEDs, MBAs, or professional certifications. In this way, we're offering more than a one-time award—we're offering an investment in our associates' future.”

Some highlights of the company’s investment in employee benefits include the following:

  • Kroger is utilizing the benefits of the Tax Cuts and Jobs Act to accelerate some of the previously-announced, incremental $500 million investment in associate wages, training and development over the next three years as part of Restock Kroger
  • Kroger and its subsidiaries will increase the company match in the 401(k) Plan to 5% of pay, compared to a 4% match today
  • Kroger's long-standing Helping Hands program, an internal support fund that aids associates during hardships, will receive an additional $5 million in funding and be easier to use across the family of companies
  • Kroger and its subsidiaries will now offer associates an employee education benefit of up to $3,500 annually ($21,000 over the course of employment) toward continuing education and development opportunities including a high school equivalency exam, professional certifications and advanced degrees

To learn more about Kroger’s plans, read the company’s press release in its entirety here.

For more on important retailers in the dairy, deli, bakery, and specialty food space, stay tuned to Deli Market News.

Kroger
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The Kroger Co. spans many states with store formats that include grocery and multi-department stores, convenience stores and mall jewelry stores. We operate under nearly two dozen banners, all of...