GM UAW workers will soon be receiving their largest profit-sharing checks ever- $14,500.
GM CEO Mary Barra said that the company will share its success with both employees and shareholders. “Our employees and owners are all benefiting from our achievements,” she said. “Our global salaried team has earned strong performance bonuses, and our U.S. hourly employees will once again receive the highest profit-sharing in the industry. This year’s total payout exceeds $640 million, equating to more than two months of additional pay for eligible UAW-represented workers.”
The profit-sharing formula, agreed upon between GM and the UAW, accords workers $1,000 for every $1 billion in North American annual earnings before interest and taxes. In the North American pretax profit for 2024, GM posted an increase of 18% at $14.5 billion from $12.3 billion reported in the previous year.
Hourly employees who logged at least 1,850 compensated hours in 2024 will qualify for the full payout, with checks expected to be distributed in late February.
Meanwhile, Ford Motor Co. is set to announce its financial results on February 5. In 2023, the company’s 58,000 U.S. hourly employees received an average profit-sharing check of $10,416, up from $9,176 in 2022.
Stellantis, parent of Chrysler, Dodge, Jeep, Ram and Fiat, is expected to report earnings on February 26. Profit-sharing to the union-represented employees in Stellantis last year went down to $13,860 from the previous year’s amount of $14,760. However, its 2022 payout remained the highest in the Detroit Big Three automakers until then.
Under the new national agreement negotiated by the UAW in 2023, General Motors’ temporary employees and workers at the GM battery plants have been added to profit-sharing payments.
