Big Payout Awaits Some Workers In Oriskany
Oriskany, NY (WIBX) - Well, they didn't win the lottery but some employees of an Oriskany company will be getting some big payouts over the next few weeks.
Susan Grabinski, Senior Vice President of Finance for Fiber Instrument Sales, says the distribution of $8.1 million to those lucky staffers will be life-changing for some, echoing the sentiments of company president Frank Giotto. In a statement released by FIS, Giotto said, "...(Many employees) have talked about paying off large debts, investing in their homes, making large purchases they've put off for many years, or establishing a college fund for their children."
The monies are coming from a one-time Employee Stock Ownership Plan that was started ten years ago.
Grabinksi says that although some workers will be received six figures, they don't expect any employees to bolt because of the pay.
The options will benefit more than half of the company's 350 employees. A little more than eighty percent of the $8.1 million is going to current employees, with the rest going to staffers who have left or retired.