GM's Union Workers' Profit Sharing Payment Up To $12,000

Gorehamj · February 7, 2017

John Goreham
Contributing Writer, GM-Trucks.com
2-7-2017

General Motors' record profits for the past fiscal year will have a very positive impact on the UAW workers that build its vehicles. Union members will receive profit-sharing payments of up to $12,000. That is up from last year's payments of up to $11,000. GM's union workers with three or more years of experience earn about $60,000 per year before overtime and bonuses.

General Motors issued a statement on this year's financial results, saying: "General Motors Co. (NYSE: GM) today announced record full-year 2016 results driven by strong retail demand for full-size trucks and SUVs in the United States, continued industry growth in China and effective cost performance across the globe."

The Detroit Free Press quoted Mary Barra as saying "By almost any measure, 2016 was a great year for our business and I am confident we can achieve even stronger results. We’ll work to build on our momentum, while continuing to drive our company to innovate and shape the future of mobility.”

General Motors workers' checks will arrive by February 24rth.

It's Tim · February 7, 2017

"Union members will receive profit-sharing payments of up to $12,000."

The tax man will be very happy!

Cosmic Charlie · February 8, 2017

" and effective cost performance across the globe."

Hmmm - like shortening / lowering the warranty time & miles allowed in 2015 / 2016 ?

StillOffshore · February 8, 2017

That's a pretty good salary, especially considering it's before overtime and bonuses. Damn. Hope they don't get too many more raises, vehicles are fairly expensive as is.

Daryl LBZ · February 8, 2017

That's a pretty good salary, especially considering it's before overtime and bonuses. Damn. Hope they don't get too many more raises, vehicles are fairly expensive as is.

They have it good as far as i'm concerned. The UAW is definitely better at getting employees good pay and benefits than the USW is that's for sure.

O_J_Simpson · February 8, 2017

Good for them. They earned it. Looks like Mary knew what she was doing when she slashed the 2016 warranty to save money.

Cosmic Charlie · February 8, 2017

Good for them. They earned it. Looks like Mary knew what she was doing when she slashed the 2016 warranty to save money.

Yes - good for GM

Bad for the buyer

Who's side are you on ?

MikeNH · February 9, 2017

Good for them. They earned it. Looks like Mary knew what she was doing when she slashed the 2016 warranty to save money.

No one else other than the Koreans offer the 100k warranty as standard any more. None of the Japanese brands did it, Ford never did and if Chrysler can somehow still sell cars after dropping the warranty back to 60k there's no reason for GM not to follow.

Colossus · February 9, 2017

Chrysler is lucky to be selling any cars period. It's the trucks and Jeep that are keeping them going.

1997SierraSLT · February 11, 2017

Still waiting for Global Motors to repay the remaining balance of $10 billion to the taxpayer for their government bailout. Some of us have not forgotten.

KARNUT · February 11, 2017

That's why I have owned 4 still have 3 Hyundais, 06 Elantra, 11 Genesis, 15 Santafe, had a Genesis coup. My GMC dealer sells them, great cars.

No one else other than the Koreans offer the 100k warranty as standard any more. None of the Japanese brands did it, Ford never did and if Chrysler can somehow still sell cars after dropping the warranty back to 60k there's no reason for GM not to follow.

Colossus · February 13, 2017

I am told that 10 billion + interest was repaid a number of years ago.

Cosmic Charlie · February 14, 2017

Still waiting for Global Motors to repay the remaining balance of $10 billion to the taxpayer for their government bailout. Some of us have not forgotten.

Obama says automakers have paid back all the loans it got from his admin 'and more'

By Steve Contorno on Thursday, January 22nd, 2015 at 5:13 p.m.

In the run up to his 2015 State of the Union speech, President Barack Obama was once again trumpeting his administration’s intervention in Detroit.

"Last month, the rescue of the auto industry officially came to an end," Obama said Jan. 7 in Detroit. "The auto companies have now repaid taxpayers every dime and more of what my administration invested in."

In December, the Treasury Department announced it sold the remainder of its 54.9 million shares in Ally Financial — formerly, General Motor’s financing service, GMAC — for $1.3 billion. With the deal, Treasury Secretary Jack Lew said the United States was "winding down the Auto Industry Financing Program," the federal program that saved the auto industry— or bailed it out, depending on your view

http://www.politifact.com/truth-o-meter/statements/2015/jan/22/barack-obama/obama-says-automakers-have-paid-back-all-loans-it-/