GM paying record profit sharing to UAW members
DETROIT - In spite of record recalls, General Motors managed to turn a $2.8 billion profit last year, and workers in Lordstown and other GM facilities around the U.S. are sharing in the wealth.
A joint statement issued by the UAW and GM on Wednesday announced that eligible team members will receive a maximum profit sharing payout of $7,000.
Eligible hourly employees will also receive a special performance payment totaling up to $2,000.
Combined, the variable payouts amount to a maximum of $9,000, which is the largest amount that employees have ever received.
According to the 2011 National Agreement, eligible UAW-GM team members who worked the entire year (1,850 compensated hours) will receive the maximum profit sharing payouts.
Regular full-time employees on roll as of December 31, 2014, who worked only part of the year will receive pro-rated amounts based on the number of hours worked. The payments will be made on February 27.
