Automakers Announce Profit Sharing With Employees

Renaissance Center, World Headquarters of General Motors

DETROIT, MI —Eligible hourly union workers at General Motors will be receiving profit sharing checks of around $8,000 dollars this year.

The automaker says despite the strike by the United Auto Workers that lasted 40 days, they made a profit of $6.7 billion dollars. The strike cost GM over $3 billion dollars in lost revenue.

Approximately 44,000 workers will be seeing their profit sharing checks later this month.Ford Motor Company announced Tuesday profit sharing checks for union workers will be approximately $6,600 dollars.

Fiat-Chrysler Automobiles (FCA) announced their full year sales which included information on profit sharing with their employees. FCA announced their 2019 earnings showing a profit of $3 billion dollars.

The company also announced that approximately 44,000 United Auto Workers Union members will receive a profit sharing check of just over $7,200 dollars.

Next year, UAW members will see their profit sharing increase from $100 dollars to $900 dollars for every one-percent of profit as mandated in the latest contract.

A $12,000 dollar maximum profit sharing provision was taken out of the contract.Workers should be getting their checks by the middle of next month.

Sponsored Content

Sponsored Content