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$49 * 37.5 * 52 = $95,550 per year.

I've not had a drink but I think I'm missing something.

Maybe their company healthcare is valued at 50K per employee per year?

So the $49 is immediate, at the end of the 5 years it should rise to $56.50. And I think a fulltime salary is 40hrs/week is it not?

56.505240 = 117,520, plus overtime and healthcare and pension and other benefits being the other ~55,000 I suppose.

What you’re missing is about 20 hours per week.