Briggs & Stratton Corp. announced today it will reimburse salaried employees for 75 percent of wages lost during a temporary wage reduction from July 1 through Dec. 31, 2009.
The company implemented a 10-percent pay reduction for all of its domestic salaried employees in mid-2009 and also suspended its 401(k) contributions during that time.
"We had some difficult decisions to make during the recession and our employees really pulled together as a team to help the company," said Todd Teske, president and chief executive officer. "While there is still a lot of uncertainty with the economy, we are in a position to pay back our employees for a portion of their lost salaries."
On Jan. 1, 2010, the company also restored its employees' salaries as well as the company's 401(k) matching contributions.
"We will see how the upcoming spring selling season goes before we make a decision as to whether or not we can repay the remaining 25 percent," Teske said. "We will try very hard to make that happen."
The company said key executives will only become eligible for reimbursement after all salaried employees are reimbursed 100 percent.
Teske began his newly appointed position as president and CEO on Jan. 1, 2010.
"During this fiscal year, we have had to make some difficult decisions. I really appreciated the way our employees pulled together to not only help us through these difficult times, but also make us a stronger enterprise for the long-term. It is remarkable what people can do when they band together. I am grateful for their hard work and pleased that we can repay them now for at least some of the salary decreases from the last six months," he said.
Briggs to reimburse employees for salary cuts during 2009
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