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Furloughs Coming Soon At Disney

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Things are bad all around, and the situation isn't so rosy in Disney World or Disneyland, for that matter. The massive company, which includes its theme parks, cruise lines, and various other endeavors, had to shutter early on -- first in Asia, then Europe, then the United States -- during the coronavirus outbreak.

And now its employees are getting furloughed.

Here's the Bad News

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The Walt Disney Company put out a statement on Thursday.

“The COVID-19 pandemic is having a devastating impact on our world with untold suffering and loss, and has required all of us to make sacrifices. Over the last few weeks, mandatory decrees from government officials have shut down a majority of our businesses.

Disney employees have received full pay and benefits during this time, and we’ve committed to paying them through April 18, for a total of five additional weeks of compensation. However, with no clear indication of when we can restart our businesses, we’re forced to make the difficult decision to take the next step and furlough employees whose jobs aren’t necessary at this time."

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The statement goes on to say that furloughs will begin on April 19, and adds that all employees will stay Disney employees. The statement also says employees will still get all their health-care benefits.

Disney is also going to pay employee and company premiums, and their Disney Aspire education program will continue. For a furlough situation, keeping these benefits, especially health care, may bring employees some silver lining.

There Is a Little Bit of Good News

Even more details of their furlough situation sound promising:

"Additionally, employees with available paid time off can elect to use some or all of it at the start of the furlough period and, once furloughed, they are eligible to receive an extra $600 per week in federal compensation through the $2 trillion economic stimulus bill, as well as state unemployment insurance.”

It's a small safety net, but every little bit is welcome.

Disney Execs May Feel a Little Pinch

Gettyimages | ROBYN BECK

Indiewire adds that Disney execs are also expected to take pay cuts in the range of 20 percent to 30 percent. This includes the CEO, Bob Iger, who just recently announced his retirement. Iger isn't taking a salary right now, and incoming CEO Bob Chapek will get half his pay, which surely must be massive to begin with.

Everyone's Rescheduling Their Fun

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The news out of Disney is just mirroring what's been happening in Hollywood for weeks -- movie premieres getting scrapped, production on TV shows delayed, and employees getting furloughed. So clearly, like the rest of Hollywood and the entertainment industry, Disney is not protected from the effects of the pandemic.

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