GM workers to receive profit-sharing payment
Based on the 2018 full-year results for the company’s North America business, General Motors has announced that more than 46,500 eligible U.S. hourly employees will receive a profit sharing payment of up to $10,750.
“When GM delivers good business results, our eligible hourly employees in the U.S. share in the company’s success,” Mary Barra, GM’s CEO and chairman, said in a statement. “To build on our performance, we must continue working together to deliver strong safety, quality and productivity results.”
Since 2010, certain eligible GM U.S. hourly workers have earned more than $80,500 in profit sharing payments.
Eligible employees are scheduled to receive the payment in their Feb. 22 paycheck. The program is based on a contractually negotiated formula between General Motors and the UAW.
In 2018, GM North America earned EBIT-adjusted of $10.8 billion on increasing sales of GM’s newest crossovers; the launches of the all-new, full-size Chevrolet Silverado and GMC Sierra pickups; and disciplined cost control. The company expects strong financial results again in 2019, based on a full year of volume from GM’s new pickups, new crossover launches and growth of adjacent businesses.
GM has invested more than $22 billion in its plants since 2009, including more than $600 million in 2018. The company employs more than 3,000 people at its truck assembly plant in Allen County.