FCA workers to get $5,500 in profit-sharing
Fiat Chrysler Automobiles NV will pay its 40,000 hourly United Auto Workers employees profit-sharing checks averaging about $5,500, the company said Thursday. That’s in addition to the $2,000 bonuses the automaker has said it will pay all employees as a result of the tax overhaul passed by Congress.
The profit-sharing is a boost from the $5,000 checks announced a year ago.
The automaker announced the profit-sharing payouts Thursday as part of its 2017 earnings. It said its net profit nearly doubled for 2017, to nearly $4.35 billion (3.5 billion euros).
“We are pleased to see an increase in the average profit sharing, per member, over last year,” UAW-FCA Vice President Terry Dittes said. “This could not have been possible if not for the enhanced profit sharing formula negotiated in the 2015 National Agreement and was achieved due to the dedication and hard work of our brothers and sisters of the UAW that work for FCA.”
Ford Motor Co. announced Wednesday its profit-sharing checks will average $7,500. General Motors Co. reports its earnings results Feb. 6.
The amount workers actually take home is significantly less after taxes. Still, retailers in Southeast Michigan and elsewhere will likely appreciate the extra money that is going into the pockets of workers, although many workers opt to put the cash into their savings accounts.