GM to pay UAW members $12K in record profit sharing

[TexasTowelie]

Source: The Detroit News

General Motors Co. said Tuesday nearly 52,000 UAW workers will receive record profit sharing checks of up to $12,000.

Payments could cost the automaker $624 million and are slated to arrive Feb. 24. Last year, GM-UAW members received $11,000 in profit sharing checks.

Profit sharing amounts are based on GM’s North America pre-tax profit, which set a record last year at $12.05 billion. GM-UAW hourly workers receive $1 for every $1 million earned.

UAW Vice President Cindy Estrada, who heads the GM department for the union, said the workers "deserve every penny" of the bonuses.

Read more: http://www.detroitnews.com/story/business/autos/general-motors/2017/02/07/gm-pay-uaw-members-12k-record-profit-sharing/97583140/

[VMA131Marine]

1. Thanks, Obama!

[TexasTowelie]

2. Blasphemy!

Everyone knows that the reason that GM set record profits in 2016 was because of Donald J. Trump and the likelihood that he would be our next president.



Sarcasm in case this post is alerted.

[benld74]

3. Question In RTW states

Where unions must offer their benefits to those NOT in said union.
Where would profit sharing fall?
Would the language need to be in the contract?
Is it there now?
Anyone know,,,

[Omaha Steve]

4. Non members receive the same union benefits by federal law

But don't have to pay dues etc.

OS

[Tikki]

5. Hope this isn't in lieu of base pay raises and benefits.

A bonus should be just that, a gift for hard work.

Tikki

[iluvtennis]

7. It is separate from your regular salary. Companies shares some of the profits with the employees..

...of course the company gets a tax break for it and what employees get compared to the big execs is minimak, but it's the goodwill toward employees that counts. Wish more companies did it.

[LiberalFighter]

9. It was not goodwill by GM to share the profit. A contract made it happen.

[iluvtennis]

11. Oh. Glad for the employees. Did the union get the contract?

[Tikki]

10. I have heard of companies who come back during future negotiations and....

bring in the bonuses as bases for smaller or no pay increases.

Or they allow employees to take a bonus instead of pay increases over time of a Union contract.

Tikki

[iluvtennis]

12. Yes, the bonus in lieu of pay increase happens. When given choice, I always opt for salary...

...as you can build up your base salary. Bonus doesn't do that. More and more though, companies have shied away from the slaray increase (of course) in lieu of the one time bonus.

[Botany]

6. Thanx Obama!

I wonder how many of these workers voted for Trump?

[michello]

8. Chrysler employees are getting 5k.

[Historic NY]

13. But, but we should have let them go bankrupt....

how many of them voted for Trumps.

[Hassin Bin Sober]

14. Good thing Trump saved the auto industry.