GM to pay hourly workers $10,750 in profit-sharing
General Motors Co. will pay about 46,500 United Auto Workers hourly employees profit-sharing checks of up to $10,750 this year, the company said Wednesday.
The Detroit automaker, which made $11.8 billion last year, announced profit-sharing as part of its full-year 2018 earnings report. Its pre-tax profits in North America — the figure profit-sharing is based on — totaled $10.8 billion.
Workers should see the payments in their Feb. 22 paycheck, GM said in a Wednesday statement.
Last year, GM paid about $11,750 to some 50,000 UAW workers on a $11.9 billion North American profit.
"The UAW Membership makes the components for and builds the finest General Motors cars, trucks, crossovers, SUVs and vans in the world right here in the U.S.A.," UAW vice president and director of the GM department Terry Dittes said in a statement. "That is the driving force behind propelling GM to make $10.769 billion in net profits in the U.S. for 2018."
Ford Motor Co. announced last month it will pay eligible hourly full-time UAW employees $7,600 in profit-sharing checks set to go out March 14. Fiat Chrysler Automobiles NV will announce its profit-sharing amounts when it reports full-year earnings Thursday.