Media mogul Haim Saban on Friday became the latest to dole out $1,000 bonuses to employees in celebration of tax reform.
According to a letter to staffers at Saban Capital Group, which invests in entertainment and communications companies, Haim and his wife, Cheryl, were inspired by Disney’s decision to award bonuses to its employees.
Before Disney, several companies including Comcast and Starbucks said they’d be handing out bonus checks (and Apple gave out stock bonuses) because of tax reform championed by President Donald Trump that reduces the rate paid by corporations to a maximum of 21 percent, down from 35 percent previously.
AT&T, which is trying to purchase Time Warner, was one of the first companies to announce $1,000 bonuses for 200,000 U.S. employees.
Unlike some other companies, though, the Sabans stipulate that the bonuses will amount to $1,000 after taxes.
The entire note from the Sabans to their employees is below:
To our valued team,
As you may know, at the end of 2017, the Federal Government enacted the most fundamental tax reform since 1986. These reforms are impacting our company in different ways, including a lower tax rate.
As a global investment firm, we recognize that our most important assets are every one of you – at Saban Capital, Real Estate, Films, Brands, Foundation and the Family Office.
We have been inspired by what Bob Iger has done for Disney employees. As the Hebrew saying goes “I shall learn from all my teachers” so we decided to follow suit.
Eligible employees will receive a one-time after-tax bonus of $1,000. We recognize and appreciate your hard work and dedication.
Thank you
Cheryl & Haim
