The move bolsters McDonald's Archways to Opportunity program, an effort started in 2015 to help workers earn a high school diploma, pay for college tuition or learn English.
The company, which makes Twinkies, Ding Dongs and Ho Hos, is also providing its employees one-time payments of $1,250 -- with $750 in cash and $500 in the form of a 401(k) contribution.
Coca-Cola Co., facing criticism of its stock-compensation program from investor Warren Buffett, said the plan offers maximum flexibility for future adjustments, though no changes are currently in the works.