Sunday, September 27, 2020

Disney for some employees over Disney virus-forced shutdown

published on: 05/04/2020 6:40 AM

The Walt Disney Company said on Thursday that it plans to start some of its employees later this month as the coronavirus epidemic keeps its theme parks and other businesses closed.

The company said in a statement, “The COVID-19 pandemic is having a devastating effect on our world with undisclosed suffering and loss, and we all need to make sacrifices.”

The company is committed to paying employees through April 18, but said there is “no clear indication” as to when it will be able to start its businesses.

Furlough will begin the next day, with Disney saying affected employees will receive full health benefits for the period.

The entire Disney Parks, Experience and Products division, which includes 12 theme parks, hotels and a cruise line, employs approximately 177,000 people.

The company did not say on Friday how many of those employees would be given a farewell.

Last week, Disney Executive Chairman Bob Iger said he planned to withdraw his entire salary until things got better, while CEO Bob Chapek would cut his base salary by 50 percent.

According to Forbes, Iger earned $ 47.5 million in 2019, including a stock award and a $ 21.8 million bonus.

According to Forbes, Chapek has a base salary of $ 2.5 million and a target bonus of $ 7.5 million and an annual long-term incentive grant of $ 15 million.

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