MILWAUKEE, WI (January 15, 2010)- Briggs & Stratton announced today that it would reimburse salaried employees 75% of wages lost during a temporary wage reduction from July 1 through December 31, 2009. The company implemented a 10% pay reduction for all of its domestic salaried employees in mid 2009 and also 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.”
On January 1, 2010, the Company also 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 Teske. “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.
Todd Teske began his newly appointed position as President & Chief Executive Officer on January 1,2010. ”During this fiscal year, we have had to make some difficult decisions. I really appreciated the way our employees pulled together to not only help us through these difficult times, but also make us a stronger enterprise for the long-term. It is remarkable what people can do when they band together. 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.”
Briggs & Stratton Corporation