It’s that time of the year again when workers in the auto industry are beginning to receive their profit-sharing payments. Among the last to announce the move in the U.S. is American-Italian-French company Stellantis.
The carmaker announced today that, as per FCA’s financial performance last year (the entity did not receive its current name and structure until January this year), UAW-represented employees are entitled to get an average of $8,010, based on individual compensated hours. That is about 10 percent higher than what was paid last year to the same people.
As per the announcement made on Wednesday, March 3, there are some 43,000 employees eligible for the payment. All should receive their money on March 15.
“The 2020 profit-sharing payment was calculated on the terms negotiated as part of the 2019 UAW-FCA Collective Bargaining Agreement, based on the year-end Adjusted EBIT margin of the North American region reported in the FCA legacy operations financial results,” Stellantis says in a statement.
Profit-sharing is an older practice in the books of car-making companies. Since the idea was introduced by the Auburn Hills giant in 2009, each of its U.S. hourly workers received around $44,700 in profit sharing, according to FCA’s records.
In the other corners of the American auto industry, occupied by the remaining Detroit giants, GM employees are to get the highest payments this year, estimated at $9,000 (for about 44,000 people). At the opposite end, those on Ford’s payroll will get the smallest sums, namely up to $3,625. In Ford’s case, that is close to half what its employees were awarded last year, as reported by the Detroit News.
The profit-sharing announcement from Stellantis came shortly after partner PSA posted a $73.461 billion revenue for last year. Coupled with Stellantis’s adjusted operating income margin for the new year, the moves were enough to push Stellantis shares up a bit on Wednesday.
You can find the official statement from Stellantis in the press release section below.
As per the announcement made on Wednesday, March 3, there are some 43,000 employees eligible for the payment. All should receive their money on March 15.
“The 2020 profit-sharing payment was calculated on the terms negotiated as part of the 2019 UAW-FCA Collective Bargaining Agreement, based on the year-end Adjusted EBIT margin of the North American region reported in the FCA legacy operations financial results,” Stellantis says in a statement.
Profit-sharing is an older practice in the books of car-making companies. Since the idea was introduced by the Auburn Hills giant in 2009, each of its U.S. hourly workers received around $44,700 in profit sharing, according to FCA’s records.
In the other corners of the American auto industry, occupied by the remaining Detroit giants, GM employees are to get the highest payments this year, estimated at $9,000 (for about 44,000 people). At the opposite end, those on Ford’s payroll will get the smallest sums, namely up to $3,625. In Ford’s case, that is close to half what its employees were awarded last year, as reported by the Detroit News.
The profit-sharing announcement from Stellantis came shortly after partner PSA posted a $73.461 billion revenue for last year. Coupled with Stellantis’s adjusted operating income margin for the new year, the moves were enough to push Stellantis shares up a bit on Wednesday.
You can find the official statement from Stellantis in the press release section below.
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