The Walt Disney Company announced more than 125,000 Disney employees will receive a $1,000 cash bonus, and it will make an initial investment of $50 million in a new and ongoing education program specifically designed to cover tuition costs for hourly employees. The two initiatives are a result of the recently enacted tax reform.
With the new plan, nearly 88,000 hourly employees will be eligible to 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.
“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 Bob Iger, chairman and chief executive officer, The Walt Disney Company. “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.”