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.