Walt Disney will stop paying more than 100,000 employees this week, nearly half of its workforce, as the world’s biggest entertainment company tries to weather the coronavirus lockdown.
The decision leaves Disney staff reliant on state benefits — public support that could run to hundreds of millions of dollars over coming months — even as the company protects executive bonus schemes. The company has yet to comment on its 2020 dividend plan but in recent years has made semi-annual payments typically worth $1.5 billion.
However, he cautioned Disney is probably braced for a “very prolonged shutdown”. It made nearly $7 billion in operating income from its parks, experiences and products business last year, making up nearly half of all operating profits. Shares in the group have fallen by a quarter since the outbreak of the virus.
In Orlando, home to more than 70,000 Disney cast members, Florida offers unemployment payments of up to $275 a week for 12 weeks — among the lowest rates in the US. Djamila Ouaz, a CFDT representative, did acknowledge the relatively better position of staff in Paris. “We are in France, so we have unions and legal rights to defend ourselves,” she said. “In the U.S., it’s a catastrophe.”
But it’s ok for the executive echelon to pay themselves bonuses up to nearly a billion dollars, despite “taking a pay cut” or foregoing salaries until September. Shit, don’t pay a salary just bonuses going forward thanks. Dicks
What about executive bonuses/salaries?
The 'happily ever after castle' is closed.
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