General Motors pulled off a repeat record performance with a full-year EBIT (earnings before interest and tax) of $12.8 billion in 2017. With the positive financial performance, GM will be preparing $11,750 profit-sharing bonuses for its UAW employees.
The EBIT figure follows a dramatic 2017, which saw GM sell off its European operations and the Opel and Vauxhall brands to France’s PSA Groupe. GM reported a net loss of $3.9 billion due to numerous special charges during the year. They include $7.3 billion related to tax reform and a $6.2 billion charge related to the Opel sale.
The profit-sharing bonuses are slightly down from the year before, which rang in at $12,000, but it’s still significantly higher than the automaker’s rivals. Ford plans for $7,500 profit-sharing checks, while Fiat-Chrysler Automobiles will hand out $5,500 bonuses. FCA also plans for a one-time $2,000 bonus for all employees outside of senior leadership following last year’s tax cut legislation, now law.
GM CEO Mary Barra said 2017 was a “transformative” year and the automaker will continue executing its plans to position GM for long-term success.
Comments
I guess when House Minority Leader Nancy Pelosi of California said workers would be getting crumbs, this was probably not what Pelosi was actually thinking of $11,750 Profit-Sharing Bonuses; Democrats still think it’s yesteryear where Board members kept all of the profits to themselves and not willing to share with their workers.
It still is crumbs to her. She lives in a $5mil mansion all while on government salary.
The irony is, right or wrong, the fact is of GM’s 181K employees, only 50K belonging to the UAW, aka a Union, receive this bonus…
https://www.gm.com/company/about-gm.html
Salary employees get a profit sharing bonus as well. However it’s based on your salary and your performance. So potentially you could get more than uaw. Or less.
profit sharing was negotiated in the 2015 contract. GM’s bonuses to hourly employees have nothing to do with President Trump.
But creating a environment that allows a company to prosper is. Stop trying to distort the facts. And next year the bonus will be bigger due to the extra money americans will have to spend on gm products
I actually work for the company. Profit sharing bonuses were introduced in the 2010 UAW contract and are driven by North American profits, the cap is $12,000. We received bonuses of around $5,000 in 2010 and it has risen every year since, for 6 years under Obama. The largest profit sharing bonus paid out were last year in February, and reflected 2016 profits. Last time I checked that was Obamas final year in office. The bonus pay structure is part of the union contract and will also cap at $12,000, just like it has since 2010. GM profits have more to do with better management and less to do with the President in office. I voted for Trump, and I do agree that his economy will likely be good for auto sales, that still will not give hourly employees larger bonuses unless the UAW negotiates a better wage structure.
Your tax dollars are still at work supporting this GM welfare queen. We’re all wusses now. Except for the ones who’d rather die than accept a government handout. Those people do still exist, just not in sufficient numbers, it’s the other kind that is getting free breed money for votes…
Jeremy is correct .
Our government is full of millionaires and look at the people who voted them into office as a class of people that think the government owes them something .
Paul Ryan just yesterday had to take down a tweet about a worker actually getting a $1.50 more in her paycheck and how that was such a big deal .
This profit sharing program for the workers was bargained for , but what we don’t know is how much the stock holders will receive or the management teams . GM has fewer workers almost every year as people retire there is no replacement which is a big change of how it used to be . In the past for every two people that retired another person was hired , not anymore .
If the workers got $12,000 for profit sharing good for them they are the ones who went to work everyday . What some people don’t know is that the floor management actually get a bonus if they can find a way to trim their workforce in the department they over see . If GM can outsource or build a car with the fewest amount of workers that is money in the bank . Business 101.
Forgot the retirees again. Haven’t had a cola in 20 years.
GM dealer techs are being required to have a BA and 100k in tools and every dealer in the country is trying to find morons to fix their screw ups for virtually and literally nothing.Thieving Detroit should just slide into the abyss of Michigan!
This is pathetic! https://www.caranddriver.com/features/automotive-service-departments-are-scrambling-for-technicians-feature
There are going to be a lot more busted too. http://nlpc.org/2018/05/02/another-defendant-in-uaw-chrysler-training-fund-scandal-pleads-guilty/
Can someone recommend Chargers and Adaptors? Cheers x