The Walt Disney Co. announced that 125,000 employees will receive a one-time $1,000 bonus.
The company also said it will spend $50 million to launch a new education program designed to cover tuition for hourly employees.
“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,” said Disney CEO Bob Iger said. “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.”
Disney said that nearly 88,000 hourly employees will be eligible for the new education program can utilize the program to make an impactful investment in their future.
With this new plan, participants can pursue qualifying higher education or vocational training, including courses unrelated to their current responsibilities at Disney.
By creating new opportunities for those who wish to continue their education, employees can advance in their current roles or support their long-term career aspirations. After the initial investment of $50 million, Disney will provide up to $25 million in annual funding going forward.
The Disney employees getting the $1,000 bonuses are those who have been with the company since Jan. 1, 2018 and are based in the U.S. The bonus will come in two payments, one in March and one in September.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.