Compensation for earning a degree?

We are having an internal conversation about whether to reward folks with an increase in their salary if they obtain an educational degree. I am interested in what others do. Traditionally we have factored in the degree only when it results in a change in the skills someone can bring to their position in demonstrable ways that justify a higher salary. There is some discussion about rewarding with extra compensation (still built into the salary) so that it isn't left to individual supervisors to determine/advocate for, and as a way of sending the message that we support advanced education.

The degrees in question are most often Masters or PhD level, but can also be 4-year college or associates degree. The degrees must be related to the individual's work.

What does your organization do, or what are your thoughts on this?

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