Disney To Stop Paying 100,000 Employees During COVID-19 Closure

Written by on April 19, 2020

Walt Disney will halt paying over 100,000 staff starting this week because it continues to remain closed throughout the coronavirus pandemic.

Disney, Coronavirus, EmployeesHandout / Getty Photographs

The Monetary Instances says the transfer will save the corporate $500 million a month. The corporate will proceed to supply its staff with full healthcare advantages throughout this time.

Disney government chairman Bob Iger may even be forgoing his pay, as introduced by the corporate, final month.

“Mr. Iger has agreed to forgo, by way of the final payroll interval within the Firm’s present fiscal yr, receipt of all however that portion of his base wage essential to fund, on an after-tax foundation, his contributions to proceed to take part within the Firm’s well being advantages plan,” a submitting with the Securities and Alternate Fee stated in March. “He’s additionally waiving his proper to obtain his automotive allowance payable throughout the identical interval the wage waiver is in impact.”

CEO Bob Chapek will take a 50% reduce to his pay as properly.

“As we navigate by way of these uncharted waters, we’re asking a lot of you and, as at all times, you might be rising to the problem and we admire your help,” Chapek stated in an e-mail to staff on March 30. “Your dedication and resilience throughout this tough time are really inspiring and it provides me renewed confidence that can we come by way of this disaster even stronger than earlier than, we’ve so many occasions in our firm’s historical past.”

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Supply: HotNewHipHop

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