Disney Is the Latest Company to Give Cash Bonuses to Employees Following Tax Reform
Disney is the latest to announce cash bonuses for its employees following the passage of the GOP tax bill last month.
The company announced Tuesday that more than 125,000 of its employees will receive a $1,000 cash bonus. All full-time and part-time non-executive employees who have been with the company since Jan. 1 will be eligible for the money and will receive it in two installments, in March and September.
Disney has also pledged a $50 million investment into a college tuition program, which will help hourly employees pay their tuition, starting in the fall semester. The company will top up their initial investment annually, paying up to $25 million. Nearly 88,000 Disney employees are reportedly eligible for the program.
Disney (DIS) is far from the first conglomerate to announce such commitments. AT&T, Boeing, and Fifth Third Bancorp made similar announcements at the time of the tax bill’s passing. And since the start of the year, companies like American Airlines and Southwest Airlines, Fiat Chrysler, Starbucks, Starbucks, and Apple have promised bonuses or pay boosts to their employees.
President Trump, meanwhile, has not missed the opportunity to take credit for these developments. In a tweet Wednesday morning, Trump wrote, “Tremendous investment by companies from all over the world being made in America. There has never been anything like it. Now Disney, J.P. Morgan Chase and many others. Massive Regulation Reduction and Tax Cuts are making us a powerhouse again. Long way to go! Jobs, Jobs, Jobs!”