Alpha Coal Miners Receive A Sweet Package!
Yesterday, Alpha Natural Resources announced a new incentive package for employees. The deal is pretty darn sweet.
"each of the company’s employees will receive an unprecedented, multi-year package of rewards and incentives that will be equal to a tax-free increase of $3 per hour for each employee.
According to the president, the incentive package will cost the company around $13 million this year.
The package is an effort to retain the company’s qualified work force and hire new, highly-qualified workers, Crutchfield said.
“When we assessed our risk at Alpha and looked at all the risk components, the highest priority on our list was human capital,” he said.
To retain workers, Crutchfield announced that each employee was given certificates granting ownership of 25 shares of company stock.
At yesterday’s prices, the 25 shares of stock was worth more than $1,200, Crutchfield said. The company has 70,301,997 shares on the open market.
The overall cost of the enhanced benefits is expected to decrease next year because the company will not face the cost of the stock package.
Miners were also told that they no longer have to contribute to health, dental and vision insurance premiums.
“Effective immediately, Alpha is waiving all health, medical, dental and vision premiums,” Crutchfield said. “Alpha is going to pay that for you because we want you to have more money in your pocket.”
In addition, a new bonus program will include semi-annual bonuses for operating personnel based on their continued service to the company.
Crutchfield also announced cash rewards for mine rescuers and trainers, including bonuses and vacation pay."(LINK)
And the anti coal loons want to replace these jobs with tourism jobs and call centers? What a crock.