Briggs & Stratton Corp., the world’s largest maker of engines for outdoor power equipment, will reimburse salaried employees 75% of wages lost during a temporary pay cut from July 1 through Dec. 31.
A 10% wage reduction for all U.S. employees was implemented in mid-2009, and 401(k) retirement savings plan contributions were suspended during that time, the Wauwatosa, Wis.-based company said in a statement.
Employee salaries and matching 401(k) contributions were restored on Jan. 1, Briggs & Stratton said.
“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%,” Chief Executive Officer Todd Teske said in the statement. Teske became CEO on Jan. 1.
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