They are all crabs that are colored red and wear business suits similar to Mr. Krabs'. They all chuckle like Mr. Krabs as well.
Role in episode
They include Eugene H. Krabs, who was nominated for the cheapest crab. The reason why was because he gave free Krabby Patties to lure in the customers, but then put up a sign that enforces the fact that they have to pay one dollar per footstep, leaving them in desperation.
They are all cheap, hence the name "Penny Pinchers."
They have their own secret handshake.
The shake entails the words: "Penny pinching, penny pinching! [One crab pinches the other on the butt, and then vise-versa] Cheap, cheap cheap! [they peck like chickens on the ground]" The handshake ends from there.