This sounds like a company store with extra steps. IANAL but it sounds extremely illegal for your employer to dictate what you do with your wages in any way, including linking it to career advancement. I highly doubt this is a union job, so your best bet might be to talk to a labor attorney. Do not talk to the company’s HR dept., because they don’t work for you; they work for your employer.
No, I swiped it from Mastodon.