Starbucks to provide free college education to its workers

Starbucks will provide free online college education to thousands of its workers through Arizona State University, according to the New York Times.

The program will be open to the company's 135,000 U.S. employees. To be eligible, individuals must work at least 20 hours per week.

Employees that have two years of college credit will receive full tuition compensation from the company. For others with fewer, Starbucks will pay a portion of the cost.

"I believe it will lower attrition, it'll increase performance, it'll attract and retain better people," Howard D. Schultz, the company's chairman and chief executive, told the New York Times.

For several decades, Starbucks has provided health insurance even for part-time employees and given them stock options.

The New York Times reports Arizona State has one of the largest online degree programs in the U.S. with 11,000 students and 40 undergraduate majors.

ASU offers a rate of $500 per credit hour, and a completed bachelor's degree comprises about 120 credits.

Read more from the New York Times.