The world’s biggest entertainment group, Walt Disney, has announced plans to halt payments of 100,000 staff as it struggles to stay afloat amid the COVID-19 pandemic.
BBC reports that the halt will save the company up to $500 million per month.
However, it maintains that it will provide full healthcare benefits for all the affected staff, even as its fortunes for the online streaming site, Disney Plus, continue to thrive, hitting close to 50 million subscribers.
Already, the company’s executive chairman, Bob Iger, has given up his entire salary as chief executive, Bob Chapek, takes a 50% pay cut.
Disney is an American diversified multinational mass media and entertainment conglomerate. Its headquarters are in California, USA. It operates theme parks and hotels in the US, Europe and Asia.