KODAK REINSTATES 40I(k)MATCH & PAY RAISES IN 2010

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KODAK REINSTATES 40I(k)MATCH & PAY RAISES IN 2010

 user 2010-03-01 at 11:19:24 am Views: 43
  • #23517
    http://www.democratandchronicle.com/article/20091217/BUSINESS/912170328/1001/business/Kodak-to-reinstate-401%28k%29-match–pay-raises-in-2010
    KODAK REINSTATES 40I(k)MATCH & PAY
    RAISES IN 2010

    Eastman Kodak Co. will
    restart its 401(k) match next year, and its workers again will be
    eligible for pay raises.The Rochester-based photo and imaging company
    was among many of the area’s major employers that responded to business
    woes brought on by the recession by freezing pay or suspending some
    benefits. And many of those same companies still are gauging economic
    conditions before they rescind those cuts.Paychex Inc. is waiting until
    after its current fiscal quarter, which ends in February, to make
    decisions about pay and benefits, since that quarter is the most crucial
    one for client growth, said Chief Financial Officer John Morphy. The
    company has halted any merit raises and its 401(k) match.

    Xerox
    Corp. spokesman Bill McKee said that with an early 2010 economic
    recovery “far from certain,” the company is holding off on reinstating
    compensation until there are more tangible signs of a sustainable
    recovery. Xerox halted raises, suspended 401(k) matches and instituted a
    hiring freeze early this year.

    University of Rochester currently
    is under a salary freeze. The area’s largest employer said it does not
    expect to have its budget plans in place for its next fiscal year until
    spring.Kodak suspended its 401(k) match for U.S. workers in the cash
    balance retirement program, froze pay and axed performance-based or wage
    dividend bonuses.

    But in letters to employees this week, Kodak
    indicated it planned to restart the annual salary review and end some
    other cost-reduction steps in 2010.”My optimism stems from the very real
    and meaningful progress we made this year,” CEO Antonio M. Perez said
    in a letter to employees sent out this week. “The truth is despite the
    recession, we enjoyed a year of positive developments in the execution
    of our strategy.”

    Those developments, according to Perez, include
    a backlog of demand for its commercial printing presses, improved
    performances by its image sensor and electrophotographic printing
    operations, and ongoing cash generation by its traditional business
    lines.The company, which employs more than 8,000 locally, will not know
    about any potential bonuses until all the financial results from 2009
    are in, spokesman David Lanzillo said.