Chipotle (CMG) - Get Chipotle Mexican Grill, Inc. Report was off Tuesday, after the Mexican-restaurant chain unveiled an expanded benefits program that's intended to increase employee retention but may ding the bottom line.
The company said Tuesday it would pay 100% of tuition costs for its eligible employees.
Chipotle Cultivate Education allows employees pick one of 75 different types of business and technology degrees, through a partnership with Guild Education.
The new program, which goes into effect Nov. 15, adds to existing programs that reimburse up to $5,250 a year in tuition costs.
Chipotle said that after 120 days of employment, staffers working a minimum of 15 hours a week "will be eligible to pursue degrees from leading nonprofit, accredited universities, including the University of Arizona, Bellevue University, Brandman University, Southern New Hampshire University and Wilmington University."
Participating employees must stay with the company at least six months after they earn their degrees.
The stock was off 0.2% at $826.74 on Tuesday. Shares of the Newport Beach, Calif., company have nearly doubled in 2019.