General Motors Co.’s 49,600 hourly United Auto Workers members will receive profit-sharing checks of up to $11,000, to be paid out to eligible employees Feb. 26.
The Detroit automaker on Wednesday reported a full-year North American pre-tax profit of $11 billion. Its profit-sharing formula, unchanged as part of a new four-year pact with the union, rewards workers with $1 for every million dollars of North American profits.
“UAW members will go home to their families today knowing that their hard work and innovative team work have paid off,” GM-UAW vice president Cindy Estrada said in a statement. “Through collective bargaining those UAW members eligible will receive up to $11,000 in GM profit sharing. Together, UAW members are sharing in the quality products and record sales of GM cars and trucks.”
About 52,900 Ford Motor Co. hourly UAW workers will receive record profit-sharing checks totaling $9,300 this March, although the Dearborn automaker has already paid out $1,500 of that.
About 40,000 UAW members with Fiat Chrysler Automobiles NV will receive profit-sharing payments of up to $4,000 for 2015. Those bonuses are the largest under the automaker’s four-year contract with the UAW from 2011, up 45 percent from the previous high of $2,750 in 2014. Fiat Chrysler employees will receive the payment on Feb. 19.
FCA US, the company’s North American-based operations, announced those payments last week after the automaker reported the overall company earned $410 million in 2015. Earnings in its North American region were up 60.7 percent from 2014.