Family owned carrier Kreilkamp Trucking increased driver pay and instituted a weekly 401(k) company match, effective July 1.
Over-the-road and regional drivers received a 1 cent per mile increase while non-dedicated local drivers had their pay increased 50 centers per hour.
“We feel that the economic uncertainty for this country is behind us and the demand for trucking services is steadily increasing monthly,” said Tim Kreilkamp, president. “Our drivers work hard to help make Kreilkamp Trucking the success that it is. These changes to pay and benefits are just some of the ways we are able to thank our drivers for what they do.”
Changes to the 401(k) program mean that drivers will see company matches, at the rate of 50 cents to every dollar contributed up to 6% of the employee’s 2012 wage, on a weekly basis instead of a yearly contribution. This will allow employees to receive the match earlier and gives them the ability to invest using “dollar cost averaging.”
The company is applying this same company match retroactively to all employees’ 401(k) contributions made from Jan. 1 to June 30 of this year, it said.