CEO eases gas prices for employees - Trade Only Today

CEO eases gas prices for employees

Author:
Publish date:

A CEO in St. Louis was so pumped up about the exorbitant prices at the gas stations; he wanted to do something to help his employees get to and from work.

He’s providing gas subsidies. Yes, he’s giving gas allowances to his employees who are eligible to participate in the program. He told me he did not want to lose his employees who could no longer afford to drive to work.

“Somebody’s got to do something,” Doug Adams, the owner of EFC International, told Soundings Trade Only.

Way to go, Doug.

EFC International says it is going to subsidize fuel expenses for all its employees. EFC is a provider of specialty metal, plastic and electrical component parts to the OEM and distribution market places.

The company will pay gas mileage reimbursement for the number of days worked in a month. The mileage is based on actual miles from the employee’s home to the office.

EFC will take the employee’s monthly total miles driven to work; divide by 20 miles per gallon and multiply by the average gas price from the office in which the employee works. A base price of $2.50 per gallon will be applied; then subtracted from the average gas price for the month.

With oil and gas prices breaking records and no resolution in sight, it may force employees to consider other employment closer to their homes, which would clearly hurt our company, Adams said.

Adams, driven by his anger at the gas prices, decided to do something to help his employees. “They can’t afford it,” he said. “This is crazy.”

No argument from me.

Doug, I commend you for your empathy and your generosity.

Let me know how your plan works out in a couple of months.

Lois Caliri
Editor

Related

E-nnovation Lab to expand at 2018 Metstrade show

The growing demand for hybrid and electric engines is becoming more apparent within the leisure marine market, prompting Metstrade to introduce the E-nnovation Lab platform for electric propulsion technology.

Aluminum, tow boats lead moderate growth in May

Boat registrations were up 2.1 percent in May in the main powerboat categories, and rose 3.2 percent in all categories, according to preliminary data from Statistical Surveys Inc., a Michigan company that tracks new boat registrations.

Retaliatory tariffs on boats to EU start today

The 25 percent tariff the EU announced Wednesday on U.S.-built boats kicks in today, and a 10 percent tariff on boats sold to Canada will start July 1, prompting boatbuilders to worry they will lose sales to those countries.