Milwaukee Company Pays Back Reduced Wages and Match

In announcing financial results for its fourth quarter and fiscal year ended June 27, 2010, Briggs & Stratton Corporation said it has paid back wages and 401(k) match previously reduced.

“We are also pleased that our financial results allowed us to pay our employees the remainder of the salaries and 401(K) company match benefits that were reduced earlier in the fiscal year.  The response of our employees to our business challenges during fiscal 2010 was extraordinary,” said Todd J. Teske, President and Chief Executive Officer of Briggs & Stratton, in the announcement.  

In January, the company announced it was reinstating pre-economic crisis pay rates for employees and would reimburse 75% of wages lost during a temporary wage reduction from July 1 through December 31, 2009 (see Company to Pay Back Workers’ 2009 Salary Cuts). At the time Teske said the company would decide if it could reimburse the remaining 25% following the spring selling season.  

The company said that only after all salaried employees are reimbursed 100% will officers and key executives become eligible for reimbursement.