Newspapers / Olin Profile (Brevard, N.C.) / Jan. 1, 1985, edition 1 / Page 2
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Olin Get More Education And Get It Paid For Olin emplolyees can take advan tage of a tuition refund program to help you pay for education that may help you do a better job or prepare for a more responsible job. You may want to take a single course in business or accounting to increase your understanding of how a company like Olin makes decisions; or perhaps a technical correspond ence course to help you raise your job grade; or maybe work for a col lege degree which will open up entire ly new career opportunities. All these will be paid for by Olin as long as you follow these procedures: • Obtain approval before enrollment • Show that the course of study will benefit Olin or your career at Olin • Attend the school and study during “off” hours • Maintain a “C” average for under graduate work or a “B” average for graduate work • Submit copies of grades and credits and receipts for school fees and textbooks to the Olin Training Section Applications for tuition refund and a complete policy statement are avail able at the Training Section offices (Extension 2239). Requests must be submitted first to your immediate su pervisor who must approve it before seeking final approval from the Man ager of Manpower Development. Meet Four Olin Students Doug Hampton, a guard, is half way through a three year program for a degree in criminal justice. “I looked into the program at A-B Tech in Ashe ville and liked what I saw. The fact that Olin would pay for my tuition and books was the clincher. I’ve had to trade for a lot of graveyard shifts so I could be free to make classes, but it’s been worth it.” Doug Hampton Billy Wilson Helen Young, a secretary, recently received a degree in business admin istration from Blue Ridge Tech in Hendersonville. “I started five years ago by taking just a couple of cours es. I enjoyed them so much I decided to go for a degree. I particularly liked the accounting courses and I am con sidering going for a more advanced degree at UNC-Asheville. The tuition Ricky Hubbard refund program is a good benefit and more people should take advantage of it.” Helen Young Billy Wilson, a materials planner, recently received a Masters Degree in business administration from Clem son University. For three years he traveled 100 miles round-trip to Clem son, South Carolina—sometimes five nights a week. “The Masters program contains a large body of knowledge I knew I could use on my job and in de veloping my career.” Billy just com pleted a computer course at Brevard College and is immediately applying what he learned to his department’s operations. “I think I’m going to take a break from classwork for a while.” Ricky Hubbard, a janitor, is about a year away from completing a machin ist training program at Blue Ridge Tech. “I’m learning the full range of machinist skills and hope this train ing will help me qualify for Olin’s Maintenance Apprenticeship Pro gram.” The full-time job and school program puts Ricky on a tight sche dule. He cleans the plant from 4:00 in the afternoon until midnight. Then he is up in the morning at 6:30 to get to school in Hendersonville, which runs until noon. “I wish I had more time to study and more time to sleep.” O An Analysis Of The Cigarette Business Wheat First Securities in Richmond, Virginia specializes in analyzing the cigarette industry for investors. The following are excerpts from its quar terly INDUSTRY UPDATE newsletter. “The S & P tobacco group (Philip Morris, R.J. Reynolds and American Brands) was one of the stronger per forming groups over the last quarter rising 18 percent versus only an 8 per cent gain in the Dow Jones Industrial Average. We think there are two rea sons why these stocks have outper formed the market, and believe that these reasons will carry the group still higher. First, there has been a major strategic shift by the industry leaders to reemphasize the profitable tobacco operations. R.J. Reynolds has already spun-off Sea-Land and tentatively agreed to sell Aminoil; this will mean that approximately 80 per cent of Reynold’s earnings from oper ations will be from tobacco products. Philip Morris is aggressively gaining market share in the cigarette industry and should generate close to 90 per cent of its operating income from tobacco .. .” “Total U.S. cigarette consumption continued to decline for the third straight year, dropping an estimated 3.6 percent from June 1983 to June 1984. Total consumption fell to 597.5 billion units from 620 billion a year ago. Consumption per capita contin ues to fall dropping to 3,494 units from 3,746 a year ago. We believe a large portion of this decline is related to higher Federal and State excise taxes. We estimate that total con sumption will drop approximately 1 percent next year. The retail price of cigarettes was 8 percent higher in June than a year earlier. This is a considerably lower percentage in crease than the 22 percent jump in the previous year. However, cigarette price increases are still well ahead of the 4.2 percent annual inflation . . .” “While it is true that psychological negatives continue to impact the en tire group, it is difficult to find any relationship among such factors as tighter regulations against smoking, consumption, or tobacco stock price performance. Anti-smoking cam paigns, warnings, etc. ... continue to pop-up with increasing regularity. This is not new to this group. Since the 1950’s these companies have had to deal with the health issue of smok ing, and for the most part, they have been extremely effective in handling the problem. We do not argue that warnings, public no-smoking laws, anti-smoking campaigns and the like to not have an impact, we are simply saying that it is difficult to forecast the timing and impact of various anti- smoking rules and regulations . . .” “The fundamentals in the cigarette business are as strong as we’ve seen in quite some time. Pricing continues to outpace inflation with relatively minor affects on consumption. Al though State and Local excise taxes continue to rise on a selected basis, the Federal excise tax of 16* per pack has been fully absorbed and should not be raised in the next two years. Tobacco leaf prices are currently frozen by the stabilization program and will likely come down in the future. Furthermore, increased pro duction efficiencies are enabling the manufacturers to lower the cost per unit of production ...” O The Bonus Health Plan Answers To The Most Frequently Asked Questions Q. How do I figure my deductible? A. The deductible is based on your annual salary as of 12/31 of each year. If the employee alone is covered it’s .5 percent of annual salary or $100 if your annual pay is $20,000. If you have one de pendent it is 1 percent of salary or $200 for a $20,000 annual pay- check. If you have 2 or more de pendents the maximum deducti ble is 1.25 percent of salary or $250.00 on $20,000 earnings. No matter what you may earn or your number of dependents, the de ductible can’t exceed $500. Q. Is the deductible per family member? A. No. Family members do not have separate deductibles. Instead there is one deductible for the whole family. Q. How soon will a new dependent be covered? A. If you have a child or get married report this within 31 days to the Employee Benefits Office (2985). The child or spouse will then im mediately have coverage. If you wait longer than 31 days, you must furnish a statement of good health for the new dependent. If a physical is required, this cost is not covered by your insurance. You will not have coverage until a final review is made by Olin’s Corporate Benefits Department. If a dependent is removed and later added back, a health state ment must be submitted and ap proved before coverage is effec tive. Q. Who are eligible dependents? A. Your husband or wife. Your unmarried children if they depend on you for full support and you can claim them on your Federal Income Tax as a dependent. NUMBER OF DEPENDENTS COVERED Employee + 2 Annual Employee Employee + 1 or More Pay Only Dependent Dependents $15,000 $ 75 $150 $187 20,000 100 200 250 30,000 150 300 375 40,000 200 400 500* 50,000 250 500* 500* ‘Maximum per year Be sure to come by the benefit office to remove dependents who are no longer dependents, be cause they are married or earning their own living. Q. What if my dependent has a sep arate medical plan, but is also carried on my plan? A. If your dependent has a medical plan which pays first towards a medical bill, our plan will not pay the balance, unless the other plan pays less than our plan’s limit. For example, if your spouse has a $1,000 medical bill. The spouse’s plan pays $800. Our plan limit is also $800, so no fur ther benefits are paid. If our plan’s limit was $900, then it would pay $100. Q. What does our plan pay for men tal health care? A. The plan pays just like for any other medical care except there is a lifetime limit of $25,000 and a maximum payment for outpa tient treatment of $40 per visit and $1,600 per year. O
Olin Profile (Brevard, N.C.)
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Jan. 1, 1985, edition 1
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