Diddly Drogba
Superstar
As a result of General Motors' yearly gains in profits, about 45,000 U.S. hourly workers will receive a record-setting profit-sharing check.
GM said Tuesday that the 2024 pretax payout for its UAW-represented workforce will be up to $14,500 for those who qualify. That's a jump from the 2023 payout of $12,250. For 2022, GM's payout of was $12,750, the highest since 2016 when it was at $12,000 per employee.
"Our employees and owners are all sharing in our success," GM CEO Mary Barra said in a statement. "I’m pleased to share that our global salaried team has earned strong performance bonuses, and our U.S. hourly employees once again earned the industry’s highest profit sharing, totaling more than $640 million. That’s a record payout of up to$14,500 per person, equal to more than two months of extra pay on average for our UAW-representedteam."
The GM-negotiated formula with the UAW for profit-sharing checks is $1,000 per every $1 billion in annual earnings before interest and taxes, or pretax profits for North America. For 2024, GM's North America pretax profit was $14.5 billion, up 18% from $12.3 billion a year earlier.
Hourly employees who accrued 1,850 or more compensated hours during 2024 will receive the full payout. Eligible workers typically receive their checks in late February.
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Ford Motor Co. reports its fourth-quarter and full-year results on Feb. 5. For 2023, Ford said about 58,000 U.S. hourly workers would receive profit-sharing checks averaging $10,416, up from 2022's payout of $9,176.
Stellantis, which makes Chrysler, Dodge, Jeep, Ram and Fiat brands, reports on Feb. 26. Its payout to union-represented workers for 2023 was about $13,860, a drop from 2022 when it was at $14,760, but still the largest of the Detroit Three at the time.
The new national agreement the UAW negotiated with the Detroit automakers in 2023 now includes GM's union-represented temporary employees as well as those at GM's battery facilities as eligible for profit-sharing checks.
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GM said Tuesday that the 2024 pretax payout for its UAW-represented workforce will be up to $14,500 for those who qualify. That's a jump from the 2023 payout of $12,250. For 2022, GM's payout of was $12,750, the highest since 2016 when it was at $12,000 per employee.
"Our employees and owners are all sharing in our success," GM CEO Mary Barra said in a statement. "I’m pleased to share that our global salaried team has earned strong performance bonuses, and our U.S. hourly employees once again earned the industry’s highest profit sharing, totaling more than $640 million. That’s a record payout of up to$14,500 per person, equal to more than two months of extra pay on average for our UAW-representedteam."
The GM-negotiated formula with the UAW for profit-sharing checks is $1,000 per every $1 billion in annual earnings before interest and taxes, or pretax profits for North America. For 2024, GM's North America pretax profit was $14.5 billion, up 18% from $12.3 billion a year earlier.
Hourly employees who accrued 1,850 or more compensated hours during 2024 will receive the full payout. Eligible workers typically receive their checks in late February.
Need a break? Play the USA TODAY Daily Crossword Puzzle.
Ford Motor Co. reports its fourth-quarter and full-year results on Feb. 5. For 2023, Ford said about 58,000 U.S. hourly workers would receive profit-sharing checks averaging $10,416, up from 2022's payout of $9,176.
Stellantis, which makes Chrysler, Dodge, Jeep, Ram and Fiat brands, reports on Feb. 26. Its payout to union-represented workers for 2023 was about $13,860, a drop from 2022 when it was at $14,760, but still the largest of the Detroit Three at the time.
The new national agreement the UAW negotiated with the Detroit automakers in 2023 now includes GM's union-represented temporary employees as well as those at GM's battery facilities as eligible for profit-sharing checks.
UAW members at GM could get up to $14,500 in profit-sharing checks
GM saw gains in its pretax profits for North America last year that pushes profit-sharing checks for UAW workers to a record level.
www.freep.com
. Last one I got was only 8,000$. That was also Chrysler, GM always has a bigger bag.