- “Accelerated pay” is the new employee advance
- McDonald’s CEO Steve Easterbrook Earned $ 15.9 Million in Compensation in 2018
In the continuing discussion of wage inequality and stagnation in America, McDonald’s (MCD -2.65%) is coming back to the fore with a wage earner policy that the outlook is either a lifeline for cash-strapped working poor or payday loans 2.0. The classic American-turned-global fast food chain offers employees the option of “accelerated pay,” a 21st century version of employee advances, where workers can access earned wages before payday.
Why this is important: Rather than approaching the company, employees who work for famous fast food chain Golden Arches can use a third-party provider such as Daily Pay, which processes the transaction for a lower price than traditional payday loans. The iconic company has been the target of the “Struggle for $ 15” minimum wage movement and while the accelerated wage option may serve as a much-needed stopgap for McDonald’s workers, the program does nothing to help. solve the underlying problem of employees of very profitable companies. companies not receiving a living wage.
It is estimated that one in eight American workers has been employed by McDonald’s in their lifetime; everyone from Jeff Bezos to Judge Mathis.
McDonald’s employs a large number of people in the United States It is estimated that one in eight American workers has been employed by McDonald’s in their lifetime; everyone from Jeff Bezos to Judge Mathis. Additionally, the Wall Street Journal reported 20 percent of McDonald’s employees in the United States were African-American in 2013 and that number is increasing.
Knowledge of the situation: The fast food giant is a very influential company and not the only one to offer accelerated compensation to its employees, Kroger and Boston Market also using this method. As the average American struggles to keep up with the rising cost of living, time will tell if accelerated pay becomes the de facto way for employees to make ends meet.
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