It’s a good time to be working at Ford and Fiat Chrysler. Union Auto Workers at both automakers will be getting a nice bonus soon.
Thanks to big net profits, Ford UAW workers expect to receive up to $9,000 on average in profit-sharing checks. The size of the checks is expected to be the second largest in Ford’s history.
The good news for the workers is due to the $9 billion pretax profit earned in North America because the profit-sharing formula, negotiated with the United Auto Workers union, awards $1 for each $1 million in North American profit.
It boils down to $9,000 for eligible employees, before taxes, compared with checks up to $9,300 earned in 2015.
Fiat Chrysler Bonus
There is a reason to celebrate as well over at Fiat Chrysler. Union workers will receive, on average, a $5,000 profit sharing check for 2016. That’s about $1,000 more than last year. Checks should arrive in mid-February.
The automaker said the payment acknowledges the key role its hourly employees play in the company’s strategic and financial goals.
This year’s profit sharing checks are based on a new formula the union agreed to as part of its restructured 2015 labor contract.