GM to Pay Profit Sharing of Up to $10,750 to More Than 46,500 U.S. Hourly Employees
Originally Published by General Motors.
Based on the 2018 full-year results for the company’s North America business, General Motors announced this morning 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,” said Mary Barra, GM’s CEO and chairman. “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.
To strengthen its U.S. manufacturing operations, General Motors has invested more than $22 billion in its plants since 2009, including more than $600 million in 2018.