Small engine manufacturer Briggs & Stratton Corp. said Jan. 15 it will reimburse salaried employees 75% of wages lost during a six-month wage reduction that ended last year.
The company implemented a 10% pay reduction for all of its domestic salaried employees in mid-2009 and 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 CEO. "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."
The company will wait until its spring selling season before deciding whether to repay the remaining 25%, Teske said.
"We will try very hard to make that happen," he said." It should be noted that only after all salaried employees are reimbursed 100%, will officers and key executives become eligible for reimbursement."
Teske took over as president and CEO on Jan. 1. He noted in a statement that employees helped the company pull through difficult times.
"It is remarkable what people can do when they band together," he said. "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."
