Macy's Inc. M, -0.38% announced a series of new benefits for employees on Tuesday, including a higher minimum wage of $15 an hour, a debt-free education benefit and greater flexibility in taking time off. The news comes at a time of labor shortages that has many employers competing aggressively to retain their staff. The department store chain said starting in February of 2022, it will invest about $35 million over four years in the enhanced benefits. The education program will be available to all U.S.-based, regular, salaried and hourly colleagues and will cover 100% of tuition, books and fees for courses for high school completion, college prep, English language learning, associate and bachelor's degrees, bootcamps and professional certificates within Macy's debt-free network. The company has created a partnership with education platform Guild Education to build the program. All employees, new and current, will be entitled to the $15 minimum hourly wage which will be fully implemented by May of 2022. Shares were slightly lower premarket, but have gained 178% in the year to date, while the S&P 500 SPX, +0.09% has gained 25%.