GP Transco, a major trucking company located in Joliet, Illinois announced this week a major base pay increase for company drivers.
Previously, company driver base pay was 52 cents per mile for W2 company drivers, with the ability to earn more through a performance-based profit-sharing program, according to a statement from the company. With the pay raise, GP Transco's company driver base pay is increased to 60 CPM, and 58 CPMfor drivers who opt-out of having an optional driver-facing camera. The company also said profit-sharing will no longer determine the total driver pay.
This increase in base pay, along with the current average accessorial pay of 5 more CPM, and the company's fuel bonus program, means that W2 company drivers will now earn about 66 CPM or more during their first year with the company. The base pay increase also means company drivers can now expect to earn $90,000 during their first year with GP Transco, said the company's statement.
GP Transco also said its top-performing drivers can earn over $100,000 after being with the company for four years (based on 2,700 miles driven on a weekly average, for drivers who qualify for raises based on performance, safety, and fuel utilization efficiency).
Company team drivers also received the same base pay increase, going from 65 CPM to 75 CPM.
The company also announced six-month raises to company driver base pay, which adds 1 CPM every six months to qualifying drivers.
GP Transco's emphasis on employing the most professional drivers is what drove the decision for the pay increase, according to Marija Jamontas, GP Transco's VP of Safety and Administrative Services.
"The freight market is doing well, and our contracted customers are extremely happy with the way our drivers are performing," said Jamontas. "Increasing base pay will allow us to continue having some of the safest, most motivated and skilled drivers in the industry work for the company. The high pay combined with full benefits and 401k with a 5% match will also allow us to be even more selective in terms of recruiting incoming drivers."