By Sahid Fawaz
Say what you want about unions but one thing is for sure: their members get better wages and bonuses. And the latest example is at General Motors.
“General Motors made $12.8 billion in pretax profits in 2017 while reporting a net income loss for the year. The company’s UAW-represented workers will get profit-sharing checks of $11,750 on Feb. 23.
The figure equaled what the Detroit automaker earned in 2016 and came as the automaker changed its global footprint by completing the sales of its Opel and Vauxhall brands and leaving south and east Africa and India.
The company reported a net loss for the year of $3.9 billion because of a number of special charges, including $7.3 billion related to tax reform and a $6.2 billion charge related to the Opel sale.
Pretax profits dropped in North America, from $12.4 billion to just under $12 billion, and the profit-sharing checks will represent a slight dip from the $12,000 last year. But the company noted that it returned to profitability in South America . . .
UAW Vice President Cindy Estrada noted the connection between GM’s profit-sharing and previous contract negotiations.
‘Today’s General Motors profit sharing, established under the 2015 contract negotiations, recognizes that UAW GM members’ hard work is an essential part of General Motors sales and profits. UAW members at GM negotiated a well-deserved share in the profits of their hard work and sacrifice,’ Estrada said.”
For the rest of the story, check out the full article at the Detroit Free Press here.