General Motors is looking to give its hourly workers a check of $9,000 in profit sharing for the year 2020.
GM has said that 44,000 of its hourly workers will be eligible for such a payout, coming February 26, with the same employees last year seeing payouts of $8,000. This profit sharing scheme is based on how much profit the company makes each year in North America. For every billion dollars made in profit, hourly workers get $1,000 according to GM’s contract with the United Auto Workers
Last year, GM made a profit of $9 billion, resulting in their hourly workers receiving $9,000.
“Despite a year of a pandemic and loss of production in 2020, General Motors reported a solid profit for North America,” UAW Vice President and Director Terry Dittes of the General Motors Department said in statement. “This is a testament to our UAW-GM Membership, who produce some of the finest and most sought-after vehicles in the world, right here in the U.S.A.”
GM has always been generous with the bonuses it gives to its employees with it being known as a good place to work. Employees get extra holiday for days such as Black Friday, Christmas week, and Tuesday Voting day, and extra financial benefits.
In comparison, Ford Motor Company’s profit sharing payouts come to $3,625, down 45% compared to last year. These payments will be made in March to employees.