The initiative is designed to support students in repaying their education loans.
Adidas has decided to pay scholarships to employees who combine work and training. In the U.S., the payments will be $100 a month or $1,200 a year for employees who work more than 30 hours a week.
The initiative is designed to support students in repaying their education loans. Any employees who have worked at Adidas in the U.S. for one year - in retail, distribution centers and corporate offices - can apply for assistance.
"This is an exciting new program for our people who said that student loan support would significantly help them," Rupert Campbell, president of Adidas North America, said in an announcement. "Paying for education should not hold our teammates back so we are happy to support them with this benefit."
As of the second quarter of 2023, Adidas has more than 10,000 employees in the U.S., while the company has 59,000 employees worldwide. It is estimated that the annual stipend could reduce the length of educational loan repayments by nearly five years.
According to the Education Data Initiative, student loan debt in the United States is estimated at nearly $1.76 trillion. About 44 million people are in federal student loan debt, averaging $37,300.