Disney to stop paying 1 lakh workers while top exec takes 3% pay cut
By MYBRANDBOOK
The Walt Disney Company has announced the scrapping of payment of nearly half of its workforce this week. Disney theme parks and hotels have been shut in Europe and the US for almost five weeks due to worldwide Covid-19 lockdowns.
According to news, denying payments for more than 100,000 of the so-called ‘cast members’ will help the company save $500 million a month. Disney said it will provide full healthcare benefits for staff placed on unpaid leave and urged its US employees to apply for government benefits through the $2 trillion coronavirus stimulus package.
Disneyland and Disney World closed their doors last month due to the outbreak. The company’s Executive Chairman Bob Iger gave up half of his annual base salary of $3 million for this year. His total compensation for the recent fiscal year was $47.5 million, including a cash bonus and stock awards. The $1.5 million pay cut is around three percent of Iger's total income.
Meanwhile, some Disney execs are reportedly angry about having to sign new ‘temporary’ contracts reducing their pay by up to 30 percent with no end date. According to a news source, Vice-Presidents at Disney usually earn between $150,000 and $200,000 in base pay, while Senior Execs often earn $700,000 or more. Disney made nearly $7 billion in operating income from its parks, experiences and products business last year, making up nearly half of all operating profits. The fortunes for the company’s online streaming site Disney Plus have been much better, with more than 50 million subscribers in just five months since it was launched.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Debjani Ghosh
Debjani Ghosh is the President of the National Association of Software...
Icons Of India : AALOK KUMAR
Aalok Kumar is celebrated as a global leader and recipient of the Peop...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...