LAKEWOOD NJ – The 215 assembly line employees at the factory for Barrett’s Tools have courageously taken a cut in benefits so that the Board of Directors may each receive a $20,000 bonus for cutting expenses.
“It’s the right thing to do” said Willard Powell, currently earning $29,000 a year and struggling to take care of his wife and two kids. “I won’t lie, it’s going to be tough to get by with no more dental and vision, especially with my son being due for braces. But I guess I can always apply for a credit card and max it out.”
The Board of Directors made the tough decision to ask their employees to selflessly give up the dental and vision benefits when the newest budget figures for the upcoming fiscal year were recently discussed. At that time, it became apparent that the monthly revenues of $214,000 would not be sufficient to allow the Board to earn an adequate bonus.
“We (the Board) realize that this is a big sacrifice to ask our workers to make” said Board member Vincent Anders. “But the reality is that without these cuts, we only had a chance of earning about a $3,000 bonus. How could I ever afford to buy my kid a Mercedes? I mean, he starts senior year of high school in the fall. He couldn’t drive to school in a Honda or Toyota.”
With the increased revenue thanks to the decreased expenses, the Board plans to spread it around the company so that the 215 assembly line workers will get to reap the profits as well. The Board will dedicate 95% of the new revenue to their own increased bonuses, while the remaining 5% will be used to provide the assembly line workers, who have a median income of $31,500, with pizza and beer on the second Friday of every month.