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Disney suspends pay for 100,000 employees: FT

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The Happiest Place on Earth will stop paying nearly half its workforce this week.

The Walt Disney is looking to save money as global lockdowns have shuttered its parks, hotels and cruises.

That's according to the Financial Times, which reported the world’s largest entertainment company will stop paying more than 100,000 employees.

A measure that the company expects will amount to $500 million in monthly cost-savings.

The move comes after Disney just last week announced it would start furloughing non-essential employees in the U.S.

Disney said it would provide full health care benefits for all employees who have been placed on unpaid leave.

According to the Financial Times, its parks, experiences and products business last year brought in nearly $7 billion last year, making up nearly half of its total operating profits.

Video Transcript

- The happiest place on earth will stop paying nearly half its workforce this week. The Walt Disney Company is looking to save money as global lockdowns have shuttered its parks, hotels, and cruises. That's according to "The Financial Times," which reported the world's largest entertainment company will stop paying more than 100,000 employees, a measure that the company expects will amount to $500 million in monthly cost savings.

The move comes after Disney just last week announced it would start furloughing nonessential employees in the US. Disney said it would provide full health-care benefits. According to "The Financial Times," its parks, experiences, and products business last year brought in nearly $7 billion, making up nearly half of its total operating profits.