Ford-UAW workers to get $9,300 total in profit sharing
Ford Motor Co.’s 52,900 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.
The Dearborn automaker on Thursday reported a full-year North American pre-tax profit of $9.3 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.
The previous Ford profit sharing record was $8,800, passed out two years ago.
About 40,000 United Auto Workers 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 Wednesday 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.
GM-UAW will learn what their profit sharing checks will be next week when the Detroit automaker reports earnings.