5/12/2011 12:34:00 AM
NEWS BRIEFS
EFC International Subsidizes Employees’ Fuel Costs
EFC International continues to subsidize fuel expenses for all employees.
The plan was first implemented in 2008 with oil and gas prices breaking records and no resolution in sight. CEO Doug Adams decided to subsidize fuel costs amid concerns that it may force employees to consider other employment closer to their homes.
“Gas prices continue to be at a level impacting the world-wide economy,” the company stated. “EFC realizes the impact as a company due to their position as a major supplier to the automotive, rec vehicle, commercial and distribution industries.”
EFC, headquartered in St. Louis, has branches in Atlanta, Chicago and Toronto.
The cost of fuel is subsidized for the employees’ commute to and from the office. The Subsidy Program works as follows:
EFC International will pay eligible employees gas mileage reimbursement for the number of actual days worked on a monthly basis. Mileage is based on actual miles from employee’s home to the office. EFC will take employee’s monthly total miles driven to work; divide by 25 miles per gallon; multiply by the average gas price from the office; a base price of $2.50 per gallon will be applied; then subtracted from the average gas price for the month.
Adams encouraged all corporations to consider similar support for their employees.
Founded in 1983, EFC provides specialty metal, plastic, electrical component parts to the OEM and Distribution market places. ©2011 GlobalFastenerNews.com
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