Company to Pay Back Workers' 2009 Salary Cuts
January 20, 2010 (PLANSPONSOR.com) – A Milwaukee company is not only
reinstating pre-economic crisis pay rates for employees, but intends to pay
them back the wages lost when their salaries were cut.
Briggs & Stratton says it will reimburse 75% of wages
lost during a temporary wage reduction from July 1 through December 31, 2009,
according to Business & Legal Reports (BLR). The company implemented a 10%
pay reduction for its salaried employees and also suspended its 401(k)
contributions during that time.
The company said it has restored its employee's 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%," said Todd Teske, president and CEO, according to BLR. "We will
try very hard to make that happen."
The company said that only after all salaried employees
are reimbursed 100% will officers and key executives become eligible for
reimbursement.
Briggs & Stratton
Corporation is a producer of gasoline engines for outdoor power equipment.
Rebecca Moore
editors@plansponsor.com