The actual amount should be revealed to UAW officials on February 14th with a preliminary amount with the final amount being explained to the workers receiving those payments in the future, but no date has been set for the final payment announcement. UAW Vice President Joe Ashton, who is responsible for labor relations with General Motors, has been quoted as claiming that the bonus for 2010 could top the highest profit sharing bonuses to date - $1,775 paid out in 1999.
In addition to the profit margins contractually required by the UAW, General Motors could improve the bonuses by tacking on incentive pay but that is still up in the air. Between the bonus included in the UAW-GM contract and added value from non-required incentive pay, sources from Bloomberg believe that the dollar value could climb up and over the $3,000 plateau. It should be pointed out that when most sources (including TorqueNews) discuss these bonus values, the amount mentioned is an average across the workforce – meaning some workers will receive less and some will receive more.
A range of $1,775 and $3,000 would put General Motors between Ford Motor Company and the Chrysler Group as far as the profit sharing bonuses paid to hourly UAW workers. Last month, Ford announced that they would be paying an average of $5,000 to each of their employees but it should be pointed out that Ford has had a much better go of things over the past few years. Chrysler did not show a profit for 2010 and they were not contractually obligated to pay their factory workers a bonus but the Chrysler Group ponied-up $750 for each worker for their efforts in 2010.
TorqueNews will bring you more coverage of this subject, as the actual dollar value of General Motors’ UAW profit sharing bonus becomes available.
Other General Motors News:
Camaro-based debut coming to the 2011 Chicago Auto Show
Chevy Camaro Convertible goes to MVP Aaron Rodgers
Another Chevrolet Super Bowl XLV ad surfaces
Cadillac stays strong, helps GM lead the Big 3 in January sales
Camaro comfortably outsells Mustang, Challenger in January 2011