Photo Courtesy of cnbc.com
The Disney corporation released on Tuesday, January 23, that they will be giving 125,000 employees a $1,000 bonus as well as a $50 million dollar fund for an ongoing education program, according to a statement issued by time.com.
The entertainment giant said that employees would receive a one-time $1,000 bonus split into two payments and the company is also creating a $50 million fund for a “new and ongoing education program,” according to the ocregister.com. Disney said that the initiatives amount to a $175 million investment in the fiscal year, added the ocregister.com.
“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,” CEO Bob Iger said in a statement, reported ocregister.com.
The bonus applies to any full-time and part-time employee who have been working at Disneyland since before January 1. Those eligible will receive the bonus in two parts, with one in March and the other in September. Executive level employees are exempt, explained cnbc.com.
“With this new plan, participants can pursue qualifying higher education or vocational training, including courses unrelated to their current responsibilities at Disney,” according to the release, reported orlandosentinel.com.
A financial analyst said Disney’s decision to give out bonuses wasn’t expected, as the multi-billion dollar company stands to save hundreds of millions of dollars from the new tax bill.
Disney’s education initiative will be available to nearly 88,000 hourly employees in the U.S.
“Participants can pursue qualifying higher education or vocational training, including courses unrelated to their current responsibilities at Disney,” the company said in a statement, reported cnbc.com.
Disneyland isn’t the first to give bonuses to their employees. Recently, several large American companies have planned bonuses for employees. More than 67,500 Florida workers at Wal-Mart and Sam’s Club will get paid $107.5 million in increases and bonuses, reported orlandosentinel.com.