Walt Disney Company and JP Morgan Chase on Tuesday joined a growing list of companies that have recently made plans to invest in their employees in the form of bonuses, wage increases, and education programs.
Newly announced employee bonuses have been on the rise since President Donald Trump signed the GOP tax reform law in late December. Disney and JP Morgan have joined a number of prominent companies that have often cited tax reform as the motive to invest in employees, including Boeing, AT&T, Wells Fargo, Comcast, Bank of America and Walmart, CNBC reports.
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Disney announced Tuesday its plans to pay out $1,000 bonuses to 125,000 employees and to invest $50 million in employee education.
"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," Disney CEO Bob Iger said in a statement.
Disney will distribute bonuses in two parts: one in March and one in September. The bonuses will go to both full and part-time workers, excluding executive level employees, that have been with the company since before Jan. 1.
Disney's education initiative will be available to roughly 88,00 hourly employee and will not affect the ongoing education reimbursement program that is available to full-time employees.
"Participants can pursue qualifying higher education or vocational training, including courses unrelated to their current responsibilities at Disney," the company said in a statement.
The two initiatives will set the company back $175 million for the current fiscal year, according to Disney’s estimates.
J.P. Morgan Chase also announced Tuesday that as a result of tax reform, it will be investing in its employees and communities, CNBC reports. Hourly wages for some 22,000 workers will increase to between $15 and $18, and employees will receive a $750 bonus later this month. The company also plans to open 400 new branch locations as part of a 5 year plan, which will bring 3,000 jobs to the expanding regions.