Baldor Electric Co.Baldor
In J. R. R. Tolkien's fictional universe of Middle-earth, Baldor was the heir of Brego, second king of Rohan. At the feast to celebrate the construction of Meduseld he made an oath to enter the Paths of the Dead and was never seen again. Electric Co., which had record sales and earnings in 2008 but has also announced massive layoffs, is contributing $16.4 million to the Baldor Employee Profit Sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of & Savings Plan. The company contributes about 12 percent of its pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings to the profit-sharing plan Profit-Sharing Plan A plan that gives employees a share in the profits of the company. Each employee receives into an account, a percentage of those profits based on their earnings. Also known as "deferred profit-sharing plan" or "DPSP". . Baldor's sales in 2008 were $1.95 billion, and after-tax profits were $99.4 million. For 2008, 5,739 eligible employees were in Baldor's profit-sharing plan, and the average contribution was about 3.1 weeks of pay. |
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