Disney to pay $1,000 bonuses and fund education

NEW YORK — Walt Disney (DIS) is joining the American companies passing on some of their tax savings to employees. It will give more than 125,000 eligible employees a one-time $1,000 cash bonus and invest $50 million in an education funding program.

The media company said Tuesday the bonuses will go to all full and part-time non-executive employees, either hourly or salaried, who have been with the company since Jan. 1, 2018, and are based in the U.S.

Nearly 88,000 hourly employees will be eligible for the education program, which will cover tuition costs. Along with the initial $50 million investment, the Burbank, California, company will provide up to $25 million annually for the program.

Among the other major U.S. corporations who’ve already made similar moves are AT&T (T), airlines Southwest (LUV) and American (AAL), and PNC Bank (PNC).

AT&T made its announcement on Dec. 20, before President Donald Trump had even signed the just-passed bill into law.

© 2018 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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