Jan. 23 (UPI) -- Disney will pay a $1,000 cash bonus to employees and invest $50 million in an education program for hourly workers, the company announced Tuesday in reaction to the new tax bill.
"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. "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."
All full- and part-time non-executive employees who have been with the Walt Disney Company since Jan. 1, 2018, will be eligible for the bonus.
The bonus will be paid in two installments, the first in March and the second in September.
Disney also plans to launch a new education initiative aimed at nearly 88,000 hourly employees.
"With this new plan, participants can pursue qualifying higher education or vocational training, including courses unrelated to their current responsibilities at Disney," the company said
The company intends to make an initial investment of $50 million and will provide $25 million in annual funding going forward.
The new program will not replace Disney's current educational reimbursement program, which will remain unchanged and available to all full-time employees.
"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," Disney said.