Ford to pay UAW members $6,600 in profit-sharing
Dearborn — Ford Motor Co. will pay 53,000 eligible hourly United Auto Workers employees profit-sharing checks of up to $6,600 this year.
The Dearborn automaker, which made $47 million last year, announced profit-sharing as part of its full-year 2019 earnings report Tuesday. Its pre-tax profits in North America — the figure profit-sharing is based on — totaled $6.612 billion.
Workers should see the payments in March, according to the company.
Last year, Ford paid about $7,600 to eligible hourly full-time UAW members on a $7.6 billion North American profit.
“UAW Ford members negotiate profit-sharing in their contracts so that they can share in the success of the company and its profits," Gerald Kariem, UAW vice president and Ford Department director, said in a statement. "Today’s announcement is a testament to UAW Ford members' hard work and the great products that they make.”
General Motors Co. and Fiat Chrysler Automobiles NV will announce their profit-sharing amounts when they report full-year earnings on Wednesday and Thursday respectively.