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The Steuben Courier Advocate
  • Corning Inc. cuts $27.5M in bonus checks

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  • Corning Inc. cut its annual bonus checks Friday, distributing approximately $27.5 million to about 5,100 employees in the greater Corning area.
    The average payout was 6.08 percent of an employee’s base salary, and the average bonus check was around $5,200, said Corning Inc. spokesman Joe Dunning.
    The maximum payout is 10 percent.
    The bonuses - which typically mean a nice mid-winter boost to the local economy - were distributed under the company’s GoalSharing program, which began in 1990 and link pay with performance.
    Exactly how much employees get is based on how their business or manufacturing segment did in meeting its objectives in 2013. The company’s net profit after taxes is also a factor in determining payouts.
    The local payout was down from about $32 million last year.
    Nearly all hourly and salaried workers in Corning Inc.’s global work force - which currently numbers around 30,000 - are eligible for the GoalSharing program. Dunning did not have a figure for the company-wide GoalSharing payout.
    Corning Inc. posted core sales of $7.95 billion and core earnings of $1.6 billion in 2013.

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