BURBANK, Calif. - The Walt Disney Company is handing out $1,000 bonuses to all U.S. employees and creating a new $50 million education fund for its hourly workers, according to a statement released Tuesday.
The Burbank, Calif.-based entertainment giant announced all U.S.-based hourly and part-time employees with the company since Jan. 1, 2018 are eligible for the one-time payouts.
Disney Chairman and CEO Bob Iger said the bonuses are a result of the new tax cuts enacted late last year.
“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,” Iger said.
The company already has an education reimbursement program for full-time employees and that will remain unchanged.
“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,” Iger said.
Almost 88,000 hourly Disney workers will be eligible for the new education program and can pursue classes unrelated to their Disney jobs, company officials said.
Disney will provide $25 million a year for the new program after the first $50 million investment this year.
Verizon and AT&T also announced bonuses for their employees after President Donald Trump signed the new tax-cut measure into law just before Christmas.
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