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GM, Ford Prepare Profit Sharing Payouts
General Motors Co. and Ford Motor Co. are preparing to distribute hundreds of millions of dollars in in profit-sharing payments to members of the United Auto Workers union over the next five weeks.
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General Motors Co. and Ford Motor Co. are preparing to distribute hundreds of millions of dollars in in profit-sharing payments to members of the United Auto Workers union over the next five weeks.
Fiat Chrysler Automobiles NV, which has a similar profit-sharing plan with the UAW, hasn’t yet announced its payouts for 2018.
GM plans to disburse awards as great at $10,750 to 46,500 workers on Feb. 22. Ford says its distributions, which will average $7,500, will go to 56,000 employees on March 14.
The amounts are calculated by formulas that apply to each company’s adjusted 2018 pretax earnings in North America. Those EBIT amounts last year were $10.8 billion for GM and $7.6 billion for Ford.
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