Disney employees are in for a treat. The company is giving more than 125,000 employees $1,000 in cash bonuses, thanks to the Republican tax reform bill. Disney will also be making a $50 million investment into a new employee education program.
“I am proud we are directing approximately $125 million to our cast members and employees across the country,” said Disney CEO Bob Iger in a statement. “These initiatives will have both an immediate and long-term positive impact,” he added.
To call this great news is an understatement, as tens of thousands of Disney employees are hourly workers who will definitely benefit from this hefty bonus. All full-time and part-time employees who have been working for the company since January 1 are eligible to receive the bonus (except executives, who do not qualify) that will be paid out in two installments: one in March and the other in September.
Then you have the educational benefits, which sweeten the deal. More than 80,000 hourly employees will get to take advantage of this program, which covers tuition costs for multiple classes and job training.
“Participants can pursue qualifying higher education or vocational training, including courses unrelated to their current responsibilities at Disney,” the company said in a statement.
This program will have no effect on Disney’s current education reimbursement program, which also helps full-time employees pay for school.
Disney is one of many companies giving back to its employees after benefitting from the new tax reform bill.
Walmart said it will be raising its minimum wage to $11 an hour while also giving employees a one-time bonus of up to $1,000. Verizon says it will be giving non-executive, full-time employees 50 shares of restricted stock. American Airlines will be giving 130,000 employees bonuses of $1,000 each. AT&T, Comcast, and Bank of America are just a few other major corporations that are rewarding its employees, with more companies following suit every week.
