Q4 Salary Restoration at Cygnus?

An announcement was made within Cygnus on New Year’s Eve regarding the restoration of some of the salary cuts made at the company for the fourth quarter of 2007. I will be attempting to speak with Cygnus CEO Carr Davis this week about the details. More in the upcoming issue of min’s b2b. And, Happy New Year, b2b-ers.

More on the salary cuts here, here, and here.

UPDATE:

The salary restoration will be paid out in the form of bonuses, which will represent 70% of what was taken away in the initial cuts. Though this is a nice holiday season gift for the employees, I wonder just exactly how these bonuses were delt out: Bonus money is taxed at 40-45%, as I understand it. After consulting with a source at Cygnus, I have been informed that the “bonuses” will be taxed at the employees’ normal rates, which varies for every employee.
UPDATE II:

I just received the actual memo that was sent out and signed by Davis and Tony O’Brien (the other CEO). Some highlights:

“We are pleased to announce that Cygnus has granted a special bonus payment- to our hourly and salaried associates who are not otherwise eligible to receive commission, bonus or incentive payments (those who do not have an incentive plan).”

“Amount: 1.25% of compensation. This averages out to roughly $560 per eligible associate, but the actual ammounts will vary depending on compensation. This amount constitutes a restoration of roughly 70% of the compensation reduction absorbed by these associates in October.”