Union Workers At GM To Receive $10,750 Each In Profit Sharing Checks

While down from last year, GM union workers are to receive almost $11,000 bonus checks.

USA Today reports:

“In the midst of sweeping white-collar job cuts across North America this week, General Motors on Wednesday said its hourly union-represented workers will get profit-sharing checks of $10,750 this year.

The profit-sharing checks are down from last year’s $11,750 because the amount is based on North American pretax profits, or earnings before interest and taxation. GM’s North American pretax profit in 2018 was $10.8 billion, down from $11.9 billion in 2017.

GM’s profit-sharing for about 46,500 United Auto Workers-covered workers is higher than its cross-town rival Ford, which said it would pay profit-sharing checks of $7,600. Fiat Chrysler reports its earnings Thursday, but last year it said it would pay its UAW-represented workers an average of $5,500. FCA also said last year it would give U.S. workers, aside from senior leadership, $2,000 bonuses.

Globally, GM reported that it made $11.8 billion in pretax profits in 2018, down 8.3 percent from 2017. The Detroit automaker said its profits were driven by the launch of the 2019 redesigned Chevrolet Silverado and GMC Sierra pickups, robust SUV sales and record average U.S. transaction prices.

GM’s global revenue was $147 billion for the year, beating analysts’ consensus of $142.3 billion. It was up 1 percent from 2017.”

For the rest of the story, visit USA Today here.

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