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The Walt Disney Company
In this Monday, Aug. 7, 2017, photo, The Walt Disney Co. logo appears on a screen above the floor of the New York Stock Exchange. The Walt Disney Co. reports earnings, Tuesday, Aug. 8, 2017. (AP Photo/Richard Drew)

Disney to give $1,000 bonuses to 125,000 employees and create an education program

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The Walt Disney Co. will give more than 125,000 eligible employees a one-time $1,000 cash bonus and invest $50 million in an education funding program.

The media company said, it will pay the bonuses to all full and part-time non-executive employees, either hourly or salaried, who have been with the company since January 1, 2018, and are based in the U.S.

According to the Hollywood Reporter, the bonuses will be given in two installments, one in March and another in September. To be eligible, an employee needs to have just three weeks on the job and was hired no later than Jan. 1.

Nearly 88,000 hourly employees will be eligible for the education program which will cover tuition costs. Along with the initial $50 million investment, the Burbank, California company will provide up to $25 million annually for the program.

"I have always believed that education is the key to opportunity; it opens doors and creates new possibilities," Disney Chief Executive Robert Iger said in a statement. "Matched with the $1,000 cash bonus, these initiatives will have both an immediate and long-term positive impact."

Disney is one of several companies, including AT&T, Comcast, and Sinclair Broadcasting Group that have issued bonuses to employees since President Trump signed into law a lower tax rate for corporations--but Disney has not made any indication that the bonuses were directly related to the tax reform bill.

The Associated Press contributed to this report.

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