Pay & Benefits at Alcoa
Alcoa values its employees and believes that people are the key to success. The company rewards the contribution of each employee through a total compensation package that includes three key parts:

• Base Pay: This is the cash compensation given to each employee, based on individual performance and job responsibilities. Base pay is intended to be competitive with comparative companies and equitable internally with others who do the same type of work at a given location. It includes not only pay for time worked, but also holiday and vacation pay.
  
  
• Variable Pay: Many business units allow employees to share in the economic benefits of improved performance and Alcoa’s overall business results through variable pay (also known as performance pay, performance bonus, or gainsharing). Employees collectively work together to accomplish the identified performance goals.
  
  
• Benefits: Alcoa spends more than $650 million each year on employee benefits–often called the “hidden paycheck.” Some benefits are the same for all; others may be determined by each location based on its business, markets, and geographic area. The comprehensive benefits package generally includes health care, life insurance, disability coverage, and flexible spending accounts that can be tailored to fit individual needs. To help employees provide for their retirement income, the company offers a 401(k) plan with a range of investment choices and the option to save on a pre-tax and/or after-tax basis, and many locations offer a traditional non-contributory pension plan. Most Alcoa locations also offer “work and personal life” benefit programs such as tuition assistance, adoption assistance, auto/homeowners’ insurance, and education loans.