A Michigan business owner has decided to give out $4 million in Christmas bonuses to his 200 employees, according to WESH-TV.
What are the details?
About 200 workers at Ludington, Michigan's FloraCraft will split the bonus pool. FloraCraft describes itself as the "world's leading manufacturer of foam products for the craft and floral industries" and was founded in 1946.
Company Chairman Lee Schoenherr made the announcement Friday at an employee Christmas luncheon.
The amount that each employee is set to receive is based on how long they've been at the company. Schoenherr said that 25 percent of the generous bonus will be cash, and the remaining 75 percent will go as a company contribution to employees' 401(k) plans.
According to the company's website, Schoenherr said, "I believe strongly in giving back to the community by supporting initiatives that make Ludington [Michigan] a wonderful place to live, work, and raise a family. A few years ago, I began thinking that I would like to do something more targeted for our employees, who really are the heart and soul of FloraCraft."
He added, "This idea has developed over the past year, and is my way of saying, 'Thank you' to our team for the role they have had in our success."
"But don't think this means I'm exiting or selling the business," he cautioned. "I love what I do and am committed to maintaining the independence of FloraCraft."
The station reported that many of the employees were equally shocked and thrilled by the news.
One employee, who's been at the company for several decades, is set to receive about $60,000 as his bonus.
"It was very humbling. I started crying — it was huge for him to do something like that for everybody," said Mary Overla, an assistant production supervisor at the company.
In a statement, FloraCraft CEO Eric Erwin said, "While many business owners provide bonuses to employees after selling their company, Mr. Schoenherr wants to thank his team for their role in building the FloraCraft brand and business now."
"He felt the time was right to share this special thank-you with our team, who are the hard-working and dedicated backbone of this company," Erwin added.