Steelcase recalls furloughed workers globally, eases pay restrictions

(Reuters) - Steelcase Inc (NYSE: SCS) said on Tuesday that it recalled most of its manufacturing employees globally who were furloughed due to restrictions imposed to curb the spread of the COVID-19 pandemic.

The office furniture company is also easing the reduction in pay and work hours for employees that were implemented in March and aims to clear backlog worth $700 million by the end of July, the company said in a statement. [nFWN2D80GR]

"In the U.S., the company has eased the pay and hour reductions for most of its salaried employees from 50% to 20%," Steelcase said.

The company also eased reductions in base pay for its chief executive officer from a $1 annual salary to a 50% base pay reduction and for its other executives to 20% cut from 60%.

Steelcase's revenue for the March-April period fell 39% from a year earlier.

(Reporting by Rachit Vats and Shreyasee Raj in Bengaluru; Editing by Anil D'Silva)

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