Bob Iger, the Chairman and Chief Executive Officer at The Walt Disney Company announced today that more than 125,000 employees will receive a one-time cash bonus of $1000. In addition, the Company will be investing $50 million in new and ongoing education programs designed to cover tuition costs for hourly employees. Both new initiatives are a result of the recently enacted tax reform.
Iger had this to say of the initiative, “I am proud we are directing approximately $125 million to our cast members and employees across the country and making higher education more accessible with the launch of this new program,” He went on to say. “I have always believed that education is the key to opportunity; it opens doors and creates new possibilities. Matched with the $1,000 cash bonus, these initiatives will have both an immediate and long-term positive impact.”
All full and part-time non-executive employees that are hourly or salaried and have been with the Company since January 1, 2018, and are based in the United States will be paid this one-time $1000 cash bonus. The bonus will be distributed in two payments. The first payment will be distributed in March and the second in September of this year. Disney advised that they will also be working with union representatives regarding potential distribution plans for employees that are currently working under existing contracts.
The new education initiative will be aimed at the Walt Disney Company’s hourly workforce. Nearly 88,000 hourly employees will be eligible for the program. Under the new plan, participants can pursue qualifying higher education or vocational training including courses that related to their current roles at Disney. By creating new opportunities for those wishing to continue their education, employees will have the ability to advance their current roles or support their long-term career goals. Disney announced that after the initial $50 million investment, Disney will provide up to $25 million in annual funding going forward.
Readers are encouraged to keep following along with Chip and Co. for the latest news and updates regarding both of these exciting initiatives.
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