A company press release says the program will subsidize gas costs of the daily commute to work for all of its employees. The amount each employee receives, NorthStar says, is based on several factors including the distance of the commute, a baseline gas price (currently set at $1.80 per gallon), and the current price of gasoline.
The company plans to offer the program at least through the end of 2005.
“We take great pride in our commitment to our employees and proposed this plan as we realized the impact that the rise in oil and gas prices would have on the United States economy, and our employees in particular” said Michael Miola, co-chairman and founder of NorthStar Financial Services Group.
NorthStar is the parent company of CLS Investment Firm and Gemini Fund Services.