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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.
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