Chipotle Increases Wages Resulting In $15 Per Hour Average Wage And Provides Path To Six Figure Compensation In - 3 Years

Wage increases announced

NEWPORT BEACH, Calif., May 10, 2021 // PRNewswire // - Chipotle Mexican Grill (NYSE: CMG) today announced it is increasing restaurant wages resulting in a $15 average hourly wage by the end of June. In addition to best-in-class benefits and a competitive hourly rate, Chipotle's crew members can advance to a Restaurateur, the highest General Manager position, in as little as three and a half years, with average compensation of $100,000 while leading a multi-million-dollar growing business.

The wage increases for new and existing hourly and salaried restaurant employees will be rolled out over the next few weeks and will result in hourly crew member starting wages ranging from $11-$18 per hour.

Chipotle has also introduced a $200 employee referral bonus for crew members and a $750 referral bonus for Apprentices or General Managers.

Hiring and growth plans

To accommodate its peak season and staff the estimated 200 restaurants it plans to open this year, Chipotle is looking to hire 20,000 new team members across the U.S.

"Chipotle is committed to providing industry-leading benefits and accelerated growth opportunities, and we hope to attract even more talent by showcasing the potential income that can be achieved in a few short years," said Marissa Andrada, Chief Diversity, Inclusion and People Officer at Chipotle. "We're looking for people who are authentic, passionate and want to help cultivate a better world through real food and real personal development."

To support its ongoing hiring efforts, Chipotle will become the first brand to launch a virtual career fair on Discord, the popular community platform, on May 13 from 10am to 1pm PT. Chipotle's Discord server will feature recruitment content and live sessions with Chipotle employees highlighting its benefits, career paths, cooking demos, and more. Career fair participants will have the opportunity to chat with real Chipotle employees and gain valuable insight into what it's like to work in a Chipotle restaurant.

Employee benefits and perks

Employment at Chipotle offers a unique value proposition to job seekers, including benefits like:

• More Cash In Your Pocket Chipotle offers an industry-first Crew Bonus program, which allows its restaurant employees the opportunity to earn an extra month's worth of pay each year for meeting certain performance criteria.

• A Chance to Pursue Your Passion After only 120 days of employment, Chipotle employees are eligible to pursue debt-free degrees from leading nonprofit, accredited universities in partnership with Guild Education. Chipotle currently covers 100% of tuition costs up front for nearly 100 degree options at ten learning providers. Chipotle's debt-free degree offering is a key component of its Cultivate Education program, which includes an existing tuition reimbursement program, allowing eligible employees to be reimbursed for tuition up to $5,250 per year in qualifying programs.

• Mental Health Care Chipotle provides health and financial wellness resources to all employees. All Chipotle associates and their family members have the opportunity to receive personalized assistance from healthcare experts before, during and following medical needs through a partnership with Health Advocate, regardless of whether they are enrolled in the company's medical plan. Mental health and emotional support are also available to employees and their family members through in-person, phone or virtual visits with a licensed counselor to support personal, professional, mental, financial and/or legal concerns.

• Saving for the Future Chipotle's 401(k) plan helps employees save money for retirement. The plan includes a company match of 100% on the first 3% of the compensation an employee contributes and 50% on the next 2%. The match is available after one year of service and 1,000 hours worked.