GM hourly workers expected to get $9,000 profit-sharing checks for pandemic-marred 2020
Detroit — General Motors Co. hourly United Auto Workers-represented employees could receive up to $9,000 in profit-sharing checks this year.
GM said 44,000 eligible hourly employees would be eligible for the profit-sharing, which will be paid the week of Feb. 26. Last year, GM hourly employees received an $8,000 payout.
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The Detroit automaker, which made $6.4 billion last year, announced profit-sharing as part of its full-year 2020 earnings report released Wednesday. Profit-sharing is based on GM's profits in North America, which totaled $9 billion last year. For every a billion made in North America, employees get $1,000, according to GM's contract with the United Auto Workers.
"Despite a year of a pandemic and loss of production in 2020, General Motors reported a solid profit for North America," UAW Vice President and Director Terry Dittes of the General Motors Department said in statement. "This is a testament to our UAW-GM Membership, who produce some of the finest and most sought-after vehicles in the world, right here in the U.S.A.”
Ford Motor Co.'s 2020 profit-sharing payouts will be up to $3,625, down roughly 45% from the year before. The payments will be made in March. In 2020, Ford paid up to $6,600 to 53,000 eligible employees.