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Benefits January 20, 2010
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.
Reported by Rebecca Moore
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.