Briggs & Stratton says it will reimburse salaried employees for most of the wages they lost when their pay was cut in 2009.
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Get Your Report Now!The company says it will reimburse 75% of wages lost during a temporary wage reduction from July 1 through December 31, 2009. The company implemented a 10% pay reduction for its salaried employees in mid 2009 and also suspended its 401(k) contributions during that time.
"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%," says Todd Teske, president and CEO. "We will try very hard to make that happen." It should be noted that only after all salaried employees are reimbursed 100%, will officers and key executives become eligible for reimbursement.
Besides reimbursing employees for lost wages, the company said it has restored its employee's salaries as well as the company's 401(k) matching contributions.
Briggs & Stratton Corporation is based in Milwaukee and is a producer of gasoline engines for outdoor power equipment.