Why Walmart Is Paying College Tuition Fees and Books for Employees

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Walmart  (WMT) - Get Walmart Inc. Report is paying college tuition fees and books for its employees.

On Tuesday, the nation’s largest private employer announced this initiative through its Live Better U (LBU) education program.

“We are creating a path of opportunity for our associates to grow their careers at Walmart, so they can continue to build better lives for themselves and their families,” said Lorraine Stomski, Senior VP of learning and leadership at Walmart. “This investment is another way we can support our associates to pursue their passion and purpose while removing the barriers that too often keep adult working learners from obtaining degrees.”

The company says that starting Aug. 16, a $1 a day fee will be removed for associates. Walmart claims that this initiative will benefit its 1.5 million part-time and full-time employees.

Walmart says it's committed to investing nearly $1 billion over the next five years in career-driven training and development.

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