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Starbucks to match employee 401(k) contributions
July 27, 2009
Starbucks will match employee contributions to the Future Roast 401(k) Savings Plan for the 2009 plan year, CEOHoward Schultzsaid in a memo.
In December 2008, Starbucks made matching contributions discretionary, based on the company's performance. Starbucks also will offer merit-based raises for fiscal 2010, and continue to provide health care benefits to all eligible employees.
"Our progress over these past few months has given us the opportunity to fund the company discretionary match for the 2009 plan year," Schultz said in the memo to workers as reported by Bloomberg News. "Make no mistake, we remain humbled by the uncertain economic environment and know we have a long journey ahead."
Starbucks said last week that declines insalesand the amount spent per consumer have eased. It expects to save as much as $550 million this year by reducing labor and other costs at its cafes. It was the first quarter in the past six that the company posted a gain in net income.
Starbucks had about 176,000 global employees as of Sept. 28, with a strong majority of those in the U.S.
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