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February 7, 2019

GM workers getting $10,750 bonus

Daimler's Mercedes-Benz workers aren't the only ones looking forward to a nice bonus following the posting of a decent set of 2018 results.

By Olly Wehring

Daimler's Mercedes-Benz workers aren't the only ones looking forward to a nice bonus following the posting of a decent set of 2018 results.

Based on the 2018 full-year results for the company's North America business, General Motors over 46,500 US hourly employees would receive a profit sharing payment of up to US$10,750, getting on for twice what the Mercedes makers are getting in April.

"When GM delivers good business results, our eligible hourly employees in the US share in the company's success," said Mary Barra, GM's CEO and chairman.

Since 2010, GM US hourly workers have earned over $80,500 in profit sharing payments.

GM workers get the bonus sooner, too. Daimler pays out in April but GM employees are scheduled to receive the payment in their 22 February paycheck. The programme is based on a contractually negotiated formula between General Motors and the UAW, similar to the deal between Daimler and its works council.

In 2018, GM North America earned EBIT-adjusted US$10.8bn on increasing sales of the newest crossovers; the launches of the redesigned full-size Chevrolet Silverado and GMC Sierra pickups; and "disciplined" cost control.

The automaker expects strong financial results again in 2019, based on a full year of volume from the new pickups, new crossover launches and growth of adjacent businesses.

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