LISTED mining company Nickel Asia Corp. (NAC) is implementing a retirement plan that is noncontributory to members and is actuarially determined.
The company’s board of directors has greenlighted its adoption for all officers and employees based on various qualifications.
Normal retirement will be entitled to 60 years old with at least five years of service; optional (early) retirement, 55 years old and at least 15 years of service; and mandatory (late) retirement, 65 years old.
The benefit will be equivalent to 30 days for every year of credited service.
As a trustee, Security Bank Corp. will administer the NAC Retirement Plan.
For the full-year 2014, NAC reported an increase of 316 percent in attributable net income (net of minority interests) to P8.55 billion from P2.05 billion two years ago.
Revenues grew to P24.7 billion from P11.1 billion year on year.
Earnings per share reached P2.26 compared to P0.54 in 2013, while earnings before interest, tax, depreciation and amortization rose by 218 percent to P15.84 billion, compared to P4.99 billion in the prior year.
NAC President and CEO Gerard H. Brimo said the company’s record-breaking strong performance in 2014 was mainly because of improved market conditions and higher ore production and sales.
Roderick L. Abad