Auto Workers To Receive Profit-Sharing Checks
To fuel your love of cars,
visit the Autos section.
Some union workers are poised to get something they haven’t had in a while – profit-sharing checks.
Ford workers could be getting an average of $5000 in bonus money. A somewhat smaller payout is expected for workers at GM since the company didn’t do as well as Ford.
WWJ auto analyst John McElroy says he isn’t surprised, given the companies’ performance this past year. “This is a great way to go. Instead of baking in higher wages, more benefits, more vacation time, which is the way that the Big 3 and the UAW did it in the past, for the most part – profit-sharing is a great way to go,” says McElroy.
The New York Times says the checks could be the biggest in a decade and are a testament to the stunning rebound in the auto industry.
Chrysler, which has taken longer to right itself, likely won’t issue bonuses.