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The co-founder and CEO of the wholesale delivery service Boxed, Chieh Huang, announced that he will pay the college tuition of his employees' children.
Huang's decision—first reported by Forbes—comes as other tech companies provide their own set of attractive perks and benefits. However, the CEO put his decision in personal terms, and is aiming to put his money where his mouth is.
"I am nothing without the folks who work with me," Huang said in an interview on CNBC's "Closing Bell " on Friday.
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The program, which will be financed by Huang's personal funds, aims at rewarding employees who work for Boxed before it goes public. Some investors will also be contributing to the program.
"The majority of the fund is actually stock—my stock in our company," said Huang.
Unlike companies that help fund their employees' education, Huang said he wanted his company to be life changing for his workers. He had some other ideas at first, but soon realized that the education of his employees' children topped the list of considerations.
"As long as you're with this ride, whether it's the day before or ten years before," all employees will be eligible, he said.
The program will cover four years of college tuition, excluding room, board and books. Boxed currently has 12 children among the families of its roughly 100 employees.
Since Huang's announcement, Boxed has seen an increase in the number of people applying to work there.