General Motors’ hourly UAW-represented employees could get as much as $9,000 in profit-sharing payments for their work in 2020.
The cheques are expected to be paid on the week of February 26 and are based on GM’s North American earnings. Profits in the region totaled $9 billion and, according to the UAW’s contract, autoworkers are entitled to roughly $1,000 per billion in profits for the company.
“Despite a year of a pandemic and loss of production in 2020, General Motors reported a solid profit for North America,” UAW Vice President and Director of the General Motors Department, Terry Dittes, said in a statement. “This is a testament to our UAW-GM Membership, who produce some of the finest and most sought-after vehicles in the world, right here in the U.S.A.”
GM garnered a lot of attention this year with the launch of its all-electric Hummer EV and the foundation of BrightDrop, a subsidiary charged with making electric delivery vehicles. Moreover, the automaker’s share prices tripled between March 2020 and February 2021.
Across town, Ford’s hourly employees will have a substantially smaller profit-sharing payout. Ford workers can expect a $3,600 cheque, which is a little more than half compared to last year.